Gold declined for a second straight session Wednesday, ending at an eight-week low, while silver, platinum and palladium recovered from some to all their prior-day losses.
Gold for December delivery shed $8.30, or 0.5%, to settle at $1,709.10 an ounce on the Comex division of the New York Mercantile Exchange. The finish was gold’s lowest since closing at $1,700.20 an ounce on July 20.
"Gold could potentially stabilize and right now, the markets are still kind of digesting that inflation report, but it seems that $1,700 level is holding – that’s key for gold," Reuters quoted Edward Moya, senior analyst with OANDA.
Gold futures traded between $1,705.90 and $1,717.30. They fell 1.3% on Tuesday and they gained 0.7% on Monday, for their highest settlement since Aug. 29.
Advancing for the seventh time in eight sessions, silver for December delivery added 7.8 cents, or 0.4%, to settle at $19.569 an ounce. Silver prices traded between $19.21 and $19.69. They lost 1.9% on Tuesday and they soared 5.8% on Monday, for their strongest finish since Aug. 16.
In PGM futures on Wednesday:
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Also rising for the seventh time in eight sessions, October platinum tacked on $21.70, or 2.5%, to $905.40 an ounce, ranging from $873.40 and $911.10. The settlement was the highest since Aug. 18.
- Climbing for the fifth time in six sessions, palladium for December delivery rose $61.60, or 2.9%, to $2,172.70 an ounce, trading between $2,069.50 and $2,177.50. On Monday, palladium at $2,274.60 an ounce posted its highest close since Aug. 11.
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 / This Week | May | June | July | August | September | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 164,500 | 31,000 | 59,500 | 47,500 | 20,000 | 753,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 7,000 | 6,000 | 5,000 | 2,000 | 0 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 8,000 | 18,000 | 2,000 | 4,000 | 4,000 | 138,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 50,000 | 135,000 | 20,000 | 20,000 | 5,000 | 550,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 56,000 | 21,500 | 39,500 | 22,500 | 11,500 | 333,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 1,350,000 | 925,000 | 850,000 | 850,000 | 425,000 | 12,831,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 23,500 | 15,500 | 1,000 | 0 | 80,000 |
Gold futures (December) closed at $1,709.10, but spot gold closed at $1,697.00 an ounce. Silver futures (December) closed at $19.57 and spot silver closed at $19.60 an ounce.
Like I said, what goes up, must come down, spinning wheels, spinning round and round.
Ride a painted pony Let the Spinning Wheel spin