Precious metals rallied on Thursday, posting their fourth set of increases in five sessions. Advances on the day ranged from 1.8% for silver to 5.8% for platinum. Silver ended just above a 20-week high while gold closed by an 11-week high.
Gold for December tacked on $40, or 2.3%, to settle at $1,753.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Aug. 25.
"When we start to see inflationary data showing that inflation is coming down, there is an expectation that the Fed is going to begin to slow the pace of those interest rate hikes," Reuters quoted David Meger, director of metals trading at High Ridge Futures.
"Hence you could argue that the dramatic pressure that has been applied to the gold market over the last several months has been released and gold now has the ability to move higher."
The U.S. Labor Department reported Thursday that consumer prices rose 0.4% for a second straight month in October, resulting in year-over-year inflation of 7.7% from 8.2%.
Gold futures traded between $1,705.50 and $1,758.30. They slipped 0.1% on Wednesday, they advanced 2.1% on Tuesday, and they climbed 0.2% on Monday. Last Thursday, gold at $1,630.90 an ounce marked its lowest price since April 1, 2020.
Elsewhere, silver for December delivery surged 37.5 cents to settle at $21.702 an ounce. The close was the best since June 21. Silver futures traded between $21.04 and $21.94. They gave back 0.8% on Wednesday, they jumped 2.8% on Tuesday, and they rose 0.7% on Monday.
In other precious metals prices on Thursday:
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January platinum soared $57.70 to $1,055 an ounce, ranging from $995.10 to $1,057.10.
- Palladium for December delivery soared $95, or 5.1%, to $1,954.20 an ounce, trading between $1,801.50 and $1,974.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales have been unchanged for the month so far. 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 |
Back up. It’s like jumping on a jump rope. Goes up and down. When to sell is the key.