Gold Marks Third Loss and Near 6-Week Low

0

Precious metals split in their start to the new trading week on Monday, with gold and silver falling and platinum and palladium rising.

Falling for a third straight session, gold for April delivery declined $11, or 0.6%, to settle at $1,863.50 an ounce on the Comex division of the New York Mercantile Exchange. The close was gold’s weakest since it finished at $1,840.60 ounce on Jan. 5.

"The near-term chart postures for both metals [gold and silver] have deteriorated recently, which are prompting some technical selling pressure. Also, weak long liquidation in the gold and silver futures markets is likely featured today, ahead of a key U.S. inflation report Tuesday," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,860.80 and $1,877.20. They edged 0.1% lower last week.

Also down for a third consecutive session, silver for March delivery gave back 22.3 cents, or 1%, to end at $21.852 an ounce. The settlement was the lowest since silver finished at $21.781 an ounce on Nov 30. Silver futures traded between $21.78 and $22.09. They fell 1.5% last week.

In other precious metals prices on Monday:

  • April platinum rose $7.60, or 0.8%, to $959.40 an ounce, ranging from $938.10 to $963.10.

  • Palladium for March delivery added $11.60, or 0.8%, to $1,536.50 an ounce, trading between $1,515 and $1,564.

Last week, platinum fell 2.9% and palladium dropped 5.8%.

US Mint Bullion Sales in 2023

Published United States Mint bullion sales were unchanged on Monday. 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)
January Sales Last Week February 2023 Sales
$50 American Eagle 1 Oz Gold Coin 118,000 9,000 9,000 127,000
$25 American Eagle 1/2 Oz Gold Coin 37,000 1,000 1,000 38,000
$10 American Eagle 1/4 Oz Gold Coin 62,000 2,000 2,000 64,000
$5 American Eagle 1/10 Oz Gold Coin 115,000 65,000 65,000 180,000
$50 American Buffalo 1 Oz Gold Coin 59,000 5,000 5,000 64,000
$1 American Eagle 1 Oz Silver Coin 3,949,000 450,000 450,000 4,399,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments