Precious metals rallied Tuesday, posting gains ranging from 2.3% for palladium to 4.6% for silver. The latter tagged an over eight-month high. Gold, meanwhile, traded above its record but later slipped yet finished the day at its best price since August 2020.
Gold for April delivery surged $47.40, or 2.4%, to settle at $2,043.30 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since Aug. 6, 2020, when gold scored a record settlement of $2,069.40 an ounce.
"The combination of roaring energy prices, grain prices, base metal prices is culminated in dramatic inflationary pressures that continue to be the major underlying support behind gold moves higher," Reuters quoted David Meger, director of metals trading at High Ridge Futures.
Gold futures ranged from $1,985.80 to $2,078.80. They gained 1.5% on Monday.
Silver for May delivery soared $1.18 to settle at $26.895 an ounce. The settlement was the best since June 16 when silver finished at $27.812 an ounce. Silver futures traded between $25.55 and $27.50. They shed 0.3% on Monday.
In other precious metals futures Tuesday:
April platinum tacked on $36.60, or 3.3%, to $1,153.20 an ounce, ranging from $1,120 to $1,193.50.
- Palladium for June delivery added $66.60 to $2,968.50 an ounce, trading between $2,856 and $3,194. On Friday, palladium posted a record settlement of $2,981.90.
US Mint Bullion Sales in 2022
Published United States 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||Last Week||This Week||January||February||March||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||27,500||25,000||123,500||86,000||33,500||243,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||45,000||0||0||45,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||6,000||64,000||4,000||6,000||74,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||20,000||195,000||25,000||20,000||240,000|
|$50 American Buffalo 1 Oz Gold Coin||0||11,500||10,500||61,500||28,500*||15,500||105,500|
|$1 American Eagle 1 Oz Silver Coin||0||0||482,000||5,001,000||1,500,000||482,000||6,983,000|
|$100 American Eagle 1 Oz Platinum Coin||0||4,700||2,500||N/A||25,800||7,200||33,000|
|$25 American Eagle 1 Oz Palladium Coin||0||0||0||0||0||0||0|
|Tuskegee Airmen 5 oz Silver Coin||0||0||0||0||0||0||0|