Gold Marks 7th Gain and Near 3-Month High

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Gold, silver and palladium rallied on Monday. Platinum also gained, but more modestly. Gold’s advance was its seventh in a row, and its tenth in eleven sessions. The yellow metal also notched a nearly three-month high.

Gold for April delivery rose $27.30, or 1.5%, to settle at $1,869.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Nov. 17 when gold ended at $1,870.20 an ounce.

"We got a flight to safety going into gold at the moment as equity markets are selling off. We also have a lot of big economic data coming out this week, and the main focus is inflation," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.

Gold futures traded between $1,851.90 and $1,876.50. They advanced 1.9% this week.

Marking the sixth gain in seven sessions, silver for March surged 47.9 cents, or 2.1%, to settle at $23.848 an ounce. The close was the highest since Jan. 25 when silver finished at $23.896 an ounce. Silver futures ranged from $23.55 to $23.94. They soared 4% last week.

In other precious metals futures prices on Monday:

  • April platinum added $9.30, or 0.9%, to $1,028 an ounce, trading between $1,020.60 and $1,044.30.

  • Palladium for March delivery soared $152.40, or 7%, to $2,346 an ounce, ranging from $2,252 to $2,391.

Last week, platinum lost 0.5% and palladium plunged 4.2%.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales increased Monday by 480,500 ounces in American Silver Eagles and a combined 17,500 ounces in American Eagle and Buffalo gold coins.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Monday Last Week December January February 2022 Sales
$50 American Eagle 1 Oz Gold Coin 10,500 21,000 41,000 123,500 31,500 155,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 45,000 0 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 2,000 64,000 2,000 66,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 10,000 0 195,000 15,000 210,000
$50 American Buffalo 1 Oz Gold Coin 6,500 5,500 10,500 61,500 12,000 73,500
$1 American Eagle 1 Oz Silver Coin 480,500 500,000 0 5,001,000 980,500 5,981,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0

 

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