Gold Logs Another 6-Week High Following U.S. Inflation Data

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Gold prices rose for a third straight session Wednesday, logging a fresh six-week high. Other metals also climbed. Silver scored its own six-week settlement high, and palladium posted its best finish since late April.

Gold for December delivery edged up $1.40, or 0.08%, to settle at $1,813.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s highest since June 29.

"Gold and silver prices are modestly up in midday U.S. trading Wednesday, in the wake of a U.S. inflation report that came in not as hot as the marketplace expected," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

The Labor Department reported Wednesday that consumer prices were unchanged in July after rising 1.3% in June, resulting in year-over-year inflation of 8.5% from 9.1%. Gold initially registered stronger gains following the inflation news, but then gave much of them back.

"After having a bit of time to think about today’s CPI data, traders and investors reckoned that while the data was a bit tamer, it still suggests problematic price inflation that will probably keep the Federal Reserve on its aggressive path of tightening U.S. monetary policy," Wyckoff added.

Gold futures traded between $1,803.30 and $1,824.60. They rose 0.4% on Tuesday and they gained 0.8% on Monday.

Silver for September delivery added 26 cents, or 1.3%, to end at $20.742 an ounce. Like for gold, the settlement was silver’s best since June 29. Silver futures ranged from $20.48 and $20.97. They shed 0.6% on Tuesday and they jumped 3.9% on Monday.

In PGM futures on Wednesday:

  • October platinum added $13.10, or 1.4%, to $946.10 an ounce, trading between $924.90 and $949.50.

  • Palladium for September delivery finished up $27.10, or 1.2%, to $2,245.90 an ounce, ranging from $2,187 to $2,265. The close was palladium’s strongest since April 29.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged for a second day in a row on Wednesday after showing gains on Monday for the first time this month.

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 May June July This Week / August 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 164,500 31,000 59,500 21,000 706,500
$25 American Eagle 1/2 Oz Gold Coin 0 7,000 6,000 5,000 1,000 72,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 18,000 2,000 2,000 132,000
$5 American Eagle 1/10 Oz Gold Coin 0 50,000 135,000 20,000 15,000 540,000
$50 American Buffalo 1 Oz Gold Coin 0 56,000 21,500 39,500 6,500 305,500
$1 American Eagle 1 Oz Silver Coin 0 1,350,000 925,000 850,000 408,000 11,964,500
$100 American Eagle 1 Oz Platinum Coin 0 0 23,500 15,500 1,000 80,000
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Antonio

Gold is hanging on. Silver is up as well.

Kaiser Wilhelm

True that, Antonio. Also, platinum is holding steady and palladium is peaking again.

Rich

Just follow the yellow brick road.

Kaiser Wilhelm

Yes, but is it gold…or fool’s gold?

Rich

The par excellence one.

Kaiser Wilhelm

Oh, have we been tap tap tapping for samples along the glittery path?

Antonio

Lions, and tigers, and bears, oh my!

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Kaiser Wilhelm

I occasionally watch nature documentaries, and I’ve recently learned to my surprise that tigers are almost twice the size of lions, while the largest bears are twice the size of tigers. Unfortunately, I don’t know how the abominable snowman compares.

Jeff Legan

You are on a roll, today. I am still laughing!

Rich

Jeff, would that be a Kaiser Roll?

Jeff Legan

You didn’t make me laugh, but it was a still a good one. You did make me groan!

Kaiser Wilhelm

Jeff Legan,

Are you confused yet whether to laugh, cry, groan or moan?

Kaiser Wilhelm

Good Sir Rich,

Have you ever been on a hillside to see a Kaiser roll?

Now I know we got an even bigger groan out of Jeff Legan.

Kaiser Wilhelm

Jeff Legan,

Then my work for today is done. 🙂