Gold Logs Over 3-Week Settlement Low

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Precious metals declined on Wednesday, marking losses that ranged from 0.9% for palladium to 2.9% for platinum. Gold ended the day at a more than three-week low.

Gold for December delivery fell $21.60, or 1.3%, to settle at $1,634.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Sept. 26.

"The precious metals are being punished by a strong U.S. dollar index and rising U.S. Treasury yields. These two bearish elements continue to supersede any other potentially bullish factors for the metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,632.20 and $1,659.80. They shed 0.5% on Tuesday and they rose 0.9% on Monday

Silver for December delivery declined 24.1 cents, or 1.3%, to settle at $18.359 an ounce. Silver futures ranged from $18.30 and $18.76. They lost 0.6% on Tuesday and they rallied 3.6% on Monday.

In PGM futures on Wednesday:

  • January platinum fell $26.20 to $881.10 an ounce, trading between $880.10 and $911.60.

  • Palladium for December delivery declined $18.40 to $1,995.50 an ounce, ranging from $1,951 to $2,028.50. The settlement was the lowest since Sept. 6.

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 June July August September October 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 31,000 59,500 47,500 47,500 0 780,500
$25 American Eagle 1/2 Oz Gold Coin 0 6,000 5,000 2,000 0 0 73,000
$10 American Eagle 1/4 Oz Gold Coin 0 18,000 2,000 4,000 4,000 0 138,000
$5 American Eagle 1/10 Oz Gold Coin 0 135,000 20,000 20,000 15,000 0 560,000
$50 American Buffalo 1 Oz Gold Coin 0 21,500 39,500 22,500 44,500 21,500 387,500
$1 American Eagle 1 Oz Silver Coin 0 925,000 850,000 850,000 833,000 0 13,239,500
$100 American Eagle 1 Oz Platinum Coin 0 23,500 15,500 1,000 0 0 80,000
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