Prices fell Thursday for precious metals. The losses ranged from 0.8% for silver to 2.8% for both platinum and palladium. Gold ended the day at a more than two-and-a-half-year low.
Following two straight gains, gold for December lost $19.10, or 1.2%, to finish at $1,630.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s lowest since ending at $1,591.40 an ounce on April 1, 2020.
Gold future traded between $1,618.30 and $1,643.20. They inched up 0.02% on Wednesday, they rose 0.6% on Tuesday, and they and dipped 0.3% on Monday.
"I don’t see the tide turning for gold and it gathering bullish momentum again until after the Fed is done raising rates, probably not till March of 2023," Reuters quoted Phillip Streible, chief market strategist at Blue Line Futures in Chicago.
On Wednesday following a two-day monetary policy meeting, the Fed’s FOMC raised the benchmark federal-funds rate by 0.75% for a fourth time in a row to a range between 3.75% and 4%.
Silver for December delivery gave back 16.4 cents to settle at $19.43 an ounce. Silver futures ranged from $18.80 to $19.54. They lost 0.4% on Wednesday, they, soared 2.9% on Tuesday, for their best close since Oct. 7, and they slipped 0.2% on Monday.
In other precious metals futures prices on Thursday:
January platinum fell $26.80 to $924.10 an ounce, trading between $912.60 and $945.80.
- Palladium for December delivery dropped $52 to $1,798.10 an ounce, ranging from $1,759.50 to $1,868.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged on Thursday. 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)|
|Thursday / November||June||July||August||September||October||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||31,000||59,500||47,500||47,500||59,500||840,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||6,000||5,000||2,000||0||2,000||75,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||18,000||2,000||4,000||4,000||2,000||140,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||135,000||20,000||20,000||15,000||15,000||575,000|
|$50 American Buffalo 1 Oz Gold Coin||0||21,500||39,500||22,500||44,500||39,500||405,500|
|$1 American Eagle 1 Oz Silver Coin||0||925,000||850,000||850,000||833,000||1,258,000||14,497,500|
|$100 American Eagle 1 Oz Platinum Coin||0||23,500||15,500||1,000||0||0||80,000|