In precious metals trading Wednesday, gold, silver and platinum gained following two losses while palladium declined for a second session.
Gold for August delivery rose $10.70, or 0.6%, to settle at $1,735.50 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold hit an 11-month low early on today, following a U.S. inflation report that ran the hottest in 41 years, suggesting the Federal Reserve will keep its aggressive stance on tightening U.S. monetary policy. However, the gold and silver prices reversed course later in the morning when futures market bears decided to take some profits and did some short covering,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
The Labor Department reported Wednesday that consumer prices rose 1.3% in June from 1% in May, resulting in an annual inflation rate of 9.1% which is near a 41-year high.
Gold futures traded between $1,704.50 and $1,744.30. They fell 0.4% on Tuesday, registering their lowest close since Sept. 29, and they dipped 0.6% on Monday
Silver for September delivery tacked on 23.6 cents, or 1.2%, to close at $19.194 an ounce. Silver futures ranged from $18.79 to $19.36. They lost 0.9% on Tuesday, marking their lowest finish since July 7, 2020, and they declined 0.5% on Monday.
In PGM futures on Wednesday:
-
October platinum added $9.70, or 1.2%, to $837.80 an ounce, trading between $815.80 and $842.10. On Tuesday, they ended at their worst price since June 26, 2020.
- Palladium for September delivery fell $44.20, or 2.2%, to $1,971.40 an ounce, ranging from $1,932.50 to $2,031.
US Mint Bullion Sales in 2022
Published U.S. 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 / 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 |
