Precious metals gave back on Tuesday much more than what they gained on Monday. Gold and silver ended the day near one-week lows.
Gold for April delivery shed $8, or 0.4%, to finish at $1,921.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 16.
"Sharply rising U.S. Treasury yields are putting pressure on the precious metals markets, as well as the recent rally in the U.S. stock indexes," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
"The U.S. Treasury markets are under more solid selling pressure Tuesday, following the hawkish rhetoric coming from Federal Reserve Chairman Jerome Powell on Monday at a NABE speech. The Fed chief said he is prepared to raise the key U.S. interest rate by 0.5% if conditions warrant," Wyckoff added.
Gold futures ranged from $1,909.80 to $1,939.50. They inched 0.01% higher on Monday.
Silver for May delivery fell 40.9 cents, or 1.6%, to close at $24.904 an ounce. Like for gold, silver’s close was its lowest since March 16. Silver futures traded between $24.69 and $25.59. They rose 0.9% on Monday.
In other precious metals prices Tuesday:
April platinum lost $19.60, or 1.9%, to $1,025.10 an ounce, ranging from $1,017.20 to $1,049.20.
- Palladium for June delivery dropped $60.80, or 2.4%, to $2,476.50 an ounce, trading between $2,464.50 and $2,609.50.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged on 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||0||41,500||123,500||86,000||110,500||320,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||3,000||45,000||0||4,000||49,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||4,000||64,000||4,000||16,000||84,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||20,000||195,000||25,000||65,000||285,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||20,500||61,500||28,500||47,500||137,500|
|$1 American Eagle 1 Oz Silver Coin||0||0||480,500||5,001,000||1,500,000||1,080,500||7,581,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||3,000||N/A||25,800||14,200||40,000|
|$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|