Gold Inches Up for First Gain in Six Sessions

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Precious metals registered modest gains on Tuesday, led by a 0.9% increase in silver. Gold’s advance was its first in six sessions.

Gold for December edged up 30 cents, or 0.02%. to settle at $1,739.90 an ounce on the Comex division of the New York Mercantile Exchange.

"The metals [gold and silver] are getting a slight lift from a lower U.S. dollar index and higher crude oil prices on this day. U.S. Treasury yields have down-ticked today and that’s also limiting selling interest in the safe-haven metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,737.90 and $1,751. They lost 0.8% on Monday, ending at their lowest price since Nov. 9.

Silver for December delivery rose 17.7 cents to settle at $21.049 an ounce. Silver futures ranged from $20.86 to $21.37. They gave back 0.6% on Monday, logging their weakest close since Nov. 4.

In other precious metals prices Tuesday:

  • January platinum added $7.80, or 0.8%, to $995.70 an ounce, trading between $989.10 and $1,007.60.

  • Palladium for December delivery added $4.50, or 0.2%, to $1,857.50 an ounce, ranging from $1,845 to $1,893.50.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on Tuesday. On Monday, they showed the first gains for the month. 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)
Tuesday July August September October November / This Week 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 59,500 47,500 47,500 59,500 6,000 846,000
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 2,000 0 2,000 0 75,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 4,000 4,000 2,000 0 140,000
$5 American Eagle 1/10 Oz Gold Coin 0 20,000 20,000 15,000 15,000 0 575,000
$50 American Buffalo 1 Oz Gold Coin 0 39,500 22,500 44,500 39,500 4,500 410,000
$1 American Eagle 1 Oz Silver Coin 0 850,000 850,000 833,000 1,258,000 1,407,000 15,904,500
$100 American Eagle 1 Oz Platinum Coin 0 15,500 1,000 0 0 0 80,000
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Kaiser Wilhelm

Those are very timid advances for the all the precious metals with the relative exception of silver. It appears that the state of the economy is still spooking investors.

Kaiser Wilhelm

Yet another glut of comments regarding the ever-changing fate of precious metals.

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