Gold Settles Near 14-Month High in March Start

3

Precious metals kicked off the new trading month on Tuesday with solid gains for platinum and palladium and very sharp increases for gold and silver. Silver closed near a 7-month high while gold ended near a 14-month high.

Gold for April delivery increased $43.10, or 2.3%, to settle at $1,943.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Jan. 5, 2021, when gold ended at $1,954.40 an ounce.

"More safe-haven demand amid a very spooked marketplace is featured as the Russia-Ukraine geopolitical situation appears to be deteriorating by the day," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,903 and $1,945.50. They rose 0.7% on Monday, advancing their gain in February to 5.8%.

Silver for May delivery soared $1.18, or 4.8%, to settle at $25.541 an ounce. The close was the best since Aug. 3 when silver finished at $25.582 an ounce. Silver futures ranged from $24.34 to $25.65. They climbed 1.5% on Monday, marking a February increase of 8.8%.

In other precious metals prices on Tuesday:

  • April platinum added $13.20, or 1.3%, to $1,051.90 an ounce, trading between $1,041 and $1,066.50.

  • Palladium for June delivery added $33.20, or 1.3%, to $2,537.80 an ounce, ranging from $2,481 to $2,718.

US Mint Bullion Sales in 2022

Published U.S. Mint bullion sales were unchanged Tuesday. 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)
Tuesday / March Last Week This Week January February 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 35,500 19,000 123,500 86,000 209,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 45,000 0 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 64,000 4,000 68,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 0 195,000 25,000 220,000
$50 American Buffalo 1 Oz Gold Coin 0 10,000 4,500 61,500 26,500 88,000
$1 American Eagle 1 Oz Silver Coin 0 519,500 0 5,001,000 1,500,000 6,501,000
$100 American Eagle 1 Oz Platinum Coin 0 25,800 0 N/A 25,800 25,800
$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

 

Subscribe
Notify of
guest
3 Comments
Inline Feedbacks
View all comments
Antonio

So a pound of gold is over $31,000 (that’s 16 one oz. coins).

Rich

Antonio, 1 pound = 16 ounces. However, the unit for gold is the troy ounce and 1 pound = 14.583 troy ounces.

Rich

Close enough for government work ($1,943.80 X 14.583 = $28,346.44, based on futures closing price and $1,938.10 X 14.583 = $28,263.31, based on spot price)!