Gold Logs One-Week Low on Thursday, Nov. 17

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Precious metals recorded losses on Thursday that ranged from 0.7% for gold to 3.4% for palladium. Gold’s loss was its third in a row, and the yellow metal also marked a one-week low.

Gold for December gave back $12.80 to settle at $1,763 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s lowest since Nov. 10.

"A strong rally in the U.S. dollar index and sharp losses in the crude oil market on this day are bearish outside market forces pushing the metals markets lower. Hawkish comments from Federal Reserve officials also spooked the precious metals market bulls,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,756.60 and $1,777.60. They shed 0.06% on Wednesday, they dipped 0.01% on Tuesday, and they rose 0.4% on Monday, for their highest finish since Aug. 16.

Silver for December delivery tumbled 54.9 cents, or 2.6%, to settle at $20.975 an ounce. The close was silver’s lowest since Nov. 7. Silver futures traded between $20.78 and $21.54. They rose 0.03% on Wednesday, they dropped 2.7% on Tuesday, and they gained 2.1% on Monday, for their best settlement since June. 2.

In other precious metals prices on Thursday:

  • January platinum declined $24.70, or 2.4%, to $991.50 an ounce, ranging from $985 to $1,019.30.

  • Palladium for December delivery dropped $71.30 to $2,010 an ounce, trading between $1,976.50 and $2,072.50.

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
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Kaiser Wilhelm

Looks like the (un)usual suspects just took a weedwacker to precious metal prices.