Precious metals plunged on Tuesday, registering settlement lows ranging from over a week for gold and platinum to more than three-and-a-half years for palladium.
Gold for April delivery lost $34.60, or 1.9%, to settle at $1,820 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since ending at $1,817.10 an ounce on Feb. 24.
"With the shock of inflation and war in Europe now long faded as a reason to buy gold, the precious metal currently lacks an urgent driver to flip investor sentiment positive in the face of further Fed hikes to come,” Adrian Ash, director of research at BullionVault, told MarketWatch.
Gold futures traded between $1,817.40 and $1,856.90. They ended flat on Monday.
Silver for May delivery sank 93.6 cents, or 4.4%, to close at $20.199 an ounce. The finish was silver’s weakest since finishing at $19.43 an ounce on Nov. 3. Silver prices ranged from $20.10 to $21.22. They shed 0.5% on Monday.
In other precious metals prices on Tuesday:
April platinum fell $42.30, or 4.3%, to $936.30 an ounce, trading between $931 and $983.70. The settlement was the lowest since platinum ended at $907.90 an ounce on Feb. 24.
- Palladium for June delivery dropped $53.90, or 3.8%, to $1,370.60 an ounce, ranging from $1,362 to $1,439. The settlement was the lowest since palladium closed at $1,356 an ounce on June 7, 2019.
US Mint Bullion Sales in 2023
Published United States Mint bullion sales were unchanged. 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 / This Week||Last Week||January Sales||February||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||32,500||118,000||41,500||159,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||7,000||37,000||8,000||45,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||10,000||62,000||12,000||74,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||20,000||115,000||85,000||200,000|
|$50 American Buffalo 1 Oz Gold Coin||0||14,500||59,000||19,500||78,500|
|$1 American Eagle 1 Oz Silver Coin||0||450,000||3,949,000||900,000||4,849,000|