Gold, silver and platinum gained in the mid-week trading session Wednesday, while palladium declined.
Gold for June delivery rose $12.70, or 0.7%, to settle at $1,853.70 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are posting moderate gains near midday Wednesday, boosted by friendly outside markets that include a weaker U.S. dollar index and solid gains in crude oil prices,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note." Another hot U.S. inflation report that is seen as problematic for consumers and the economy is also longer-term friendly for the metals markets."
"Today’s inflation report proves that Fed Chair Powell made a mistake last week when he removed the option of a 75-basis point rate hike at the next policy meeting," Edward Moya, senior market analyst at Oanda, wrote in a note reported by MarketWatch. "The overall takeaway for much of Wall Street however is that the Fed is still poised to deliver consecutive half-point rate increases at the June and July FOMC meetings."
On the day, gold futures ranged from $1,830.60 to $1,857.80. They declined 1% on Tuesday, for their lowest settlement since Feb. 10, and they fell 1.3% on Monday.
Meanwhile, silver for July delivery added 15.1 cents, or 0.7%, to end at $21.575 an ounce. Silver futures traded between $21.20 and $21.97. They lost 1.8% on Tuesday, for their lowest settlement since July 20, 2020, and they dropped 2.5% on Monday.
In PGM futures on Wednesday:
July platinum tacked on $42.60, or 4.5%, to $989.80 an ounce, ranging from $942.80 to $991.70.
- Palladium for June delivery declined $35.80, or 1.8%, to $2,007.90 an ounce, trading between $1,997.50 and $2,075.50.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged on Wednesday. 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)|
|Wednesday||Last Week||This Week||March||April||May||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||36,000||0||140,500||80,500||36,000||466,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||0||5,000||3,000||1,000||54,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||4,000||0||20,000||14,000||4,000||106,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||50,000||75,000||25,000||50,000||370,000|
|$50 American Buffalo 1 Oz Gold Coin||0||16,500||0||64,500||27,500||16,500||198,500|
|$1 American Eagle 1 Oz Silver Coin||0||425,000||0||1,080,500||850,000||425,000||8,856,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||14,200||0||0||40,000|
|$25 American Eagle 1 Oz Palladium Coin||0||0||0||0||0||0||0|