Gold, silver and platinum declined together for a sixth session in a row on Monday. They also registered near four-week lows. Palladium, meanwhile, closed lower as well, for its second straight loss, and posted an almost five-week low.
Gold for December delivery declined $14.50, or 0.8%, to settle at $1,748.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since July 27.
"A strong U.S. dollar index that hit a five-week high overnight and is very close to its 20-year high scored in July is keeping the precious metals market buyers scarce at present," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,740.20 and $1,762.10. They gave back 2.9% last week.
Silver for September delivery shed 19.1 cents, or 1%, to settle at $18.878 an ounce. Like for gold, the close was silver’s lowest since July 27. Silver futures ranged from $18.60 to $19.07. They sank 7.9% last week.
In other precious metals prices on Monday.
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October platinum fell $20, or 2.3%, to $868 an ounce — the weakest since July 26, trading between $855.60 and $892.70.
- Palladium for September delivery tumbled $149.60, or 7%, to $1,981.80 an ounce — the lowest since July 21, ranging from $1,947 to $2,146.50.
Last week, platinum dropped 7.4% and palladium fell 4%.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged on Monday. 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) | |||||||
|---|---|---|---|---|---|---|---|
| Monday | Last Week | May | June | July | August | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 6,000 | 164,500 | 31,000 | 59,500 | 27,000 | 712,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 7,000 | 6,000 | 5,000 | 1,000 | 72,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 8,000 | 18,000 | 2,000 | 2,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 50,000 | 135,000 | 20,000 | 15,000 | 540,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 4,500 | 56,000 | 21,500 | 39,500 | 11,000 | 310,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 17,000 | 1,350,000 | 925,000 | 850,000 | 425,000 | 11,981,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 23,500 | 15,500 | 1,000 | 80,000 |
It’ll rise later this week. Fingers crossed. The Euro fell below one U.S. dollar. Amazing!
Well, if it’s any consolation, we aren’t doing as badly as Russia is now. They’re certainly experiencing a recession.