Gold Rises Slightly; Silver Logs First Gain in 11 Sessions

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Prices climbed for precious metals on Tuesday, led by increases in platinum and palladium. Gains in gold and silver were modest. Silver’s advance, of note, was its first in eleven sessions.

Gold for June delivery rose $7, or 0.4%, to settle at $1,870.60 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold in recent weeks has dropped significantly as the yield curve has moved up. Today a slight retreat in yields is supporting gold prices… Gold is going to be fairly range-bound," Reuters quoted Bart Melek, head of commodity strategies at TD Securities.

"Gold has pretty much priced in a fairly aggressive set of policy moves for the Fed meeting."

Gold traded between $1,849.70 and $1,878.40. They fell 2.5% on Monday for their lowest settlement since Feb. 15.

Silver for July delivery added 8.1 cents, or 0.4%, to close at $22.665 an ounce. Silver futures ranged from $22.44 to $22.89. They dropped 2.2% on Monday for their weakest close since Feb. 4.

In other precious metals futures Tuesday:

  • July platinum tacked on $25.80, or 2.8%, to $958.60 an ounce, trading between $929.70 and $966.30.

  • Palladium for June delivery increased $22.30, or 1%, to $2,238.30 an ounce, ranging from $2,187 to $2,275.

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 / Week / May Last Week March April 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 19,500 140,500 80,500 430,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 5,000 3,000 53,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 14,000 102,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 75,000 25,000 320,000
$50 American Buffalo 1 Oz Gold Coin 0 10,000 64,500 27,000 181,500
$1 American Eagle 1 Oz Silver Coin 0 17,000 1,080,500 850,000 8,431,500
$100 American Eagle 1 Oz Platinum Coin 0 0 14,200 0 40,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0
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Antonio

I’ll see you for the silver.

Rich

Congratulations, Sir Kaiser! You proved that Antonio can be beat. Speaking of sales of the priciest commodities, this news is just in: “U.S. Mint sees gold demand drop 43% in April, silver demand drops 23%”

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