Precious metals ended lower on Tuesday, led by palladium which fell 7.2%. Silver and platinum logged about two-year settlement lows. Gold, meanwhile, ended the day at its lowest price in nine-and-a-half months.
Gold for August delivery shed $6.90, or 0.4%, to settle at $1,724.80 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the lowest since Sept. 29 when gold ended at $1,722.90 an ounce.
"The U.S. dollar index continues its assault on the major world currencies and that remains a main bearish element punishing the metals markets. Also, big losses in crude oil prices today hurt the precious metals market bulls,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,721.60 and $1,742.20. They dipped 0.6% on Monday
Registering a second loss following three straight gains, silver for September delivery gave back 17.4 cents, or 0.9%, to end at $18.958 an ounce. The close was the lowest since silver settled at $18.699 an ounce on July 7, 2020. Silver futures ranged from $18.63 and $19.14. They declined 0.5% on Monday.
In other precious metals futures Tuesday:
October platinum dropped $32.60, or 3.8%, to $828.10 an ounce, trading between $827.10 and $859. The settlement was the weakest since ending at $809.60 an ounce on June 26, 2020.
- Following three consecutive sessions gains, including two soaring ones, palladium for September delivery tumbled $156 to $2,015.60 an ounce, ranging from $2,009 to $2,143.50.
Last week platinum gained 1.3% while palladium rallied 11.3%.
US Mint Bullion Sales in 2022
Published U.S. 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 / This Week||May||June||Last Week / July||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||164,500||31,000||15,000||641,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||7,000||6,000||2,000||68,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||8,000||18,000||2,000||130,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||50,000||135,000||5,000||510,000|
|$50 American Buffalo 1 Oz Gold Coin||0||56,000||21,500||9,000||268,500|
|$1 American Eagle 1 Oz Silver Coin||0||1,350,000||925,000||0||10,706,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||23,500||14,000||77,500|
|$25 American Eagle 1 Oz Palladium Coin||0||0||0||0||0|