In trading action Wednesday, platinum climbed as other precious metals posted another day of settlement lows which ranged from nearly two weeks for gold to more than three-and-a-half years for palladium.
Gold for April delivery shed $1.40, or 0.08%, to settle at $1,818.60 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.
"Gold will trade defensively, likely straddling $1,800 into the March FOMC as [Federal Reserve Chair] Powell created uncertainty over both the size and end of rate hikes," said Nicky Shiels, head of metals strategy at MKS PAMP SA, according to Reuters, adding the Fed speeding up hikes put a short-term cap on pricing and sentiment.
Gold futures traded between $1,813.40 and $1,828.70. They fell 1.9% on Tuesday and they ended flat on Monday.
Silver for May delivery dipped 4.8 cents, or 0.2%, to end at $20.151 an ounce. The finish was silver’s weakest since finishing at $19.43 an ounce on Nov. 3. Silver prices ranged from $19.95 to $20.29. They tumbled 4.4% on Tuesday and they shed 0.5% on Monday.
In PGM futures on Wednesday:
-
After logging its lowest settlement since Feb. 24, April platinum rose $4.30, or 0.5%, to $940.60 an ounce, trading between $931.90 and $949.70.
- Palladium for June delivery declined $8.50, or 0.6%, to $1,362.10 an ounce, ranging from $1,337 to $1,397.50. The settlement was the lowest since palladium ended at $1,356 an ounce on June 7, 2019.
US Mint Bullion Sales in 2023
On Wednesday, the United States Mint published the first bullion sales for the month. Increases included a combined:
- 12,500 ounces in American Gold Eagles,
- 4,500 ounces in American Gold Buffalos, and
- 450,000 ounces in American Silver Eagles.
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) | |||||
|---|---|---|---|---|---|
| Wednesday / This Week / March | Last Week | January Sales | February | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 10,500 | 32,500 | 118,000 | 41,500 | 170,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 1,000 | 7,000 | 37,000 | 8,000 | 46,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 2,000 | 10,000 | 62,000 | 12,000 | 76,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 10,000 | 20,000 | 115,000 | 85,000 | 210,000 |
| $50 American Buffalo 1 Oz Gold Coin | 4,500 | 14,500 | 59,000 | 19,500 | 83,000 |
| $1 American Eagle 1 Oz Silver Coin | 450,000 | 450,000 | 3,949,000 | 900,000 | 5,299,000 |
