Prices for precious metals divided Tuesday with those for silver and palladium advancing, registering fresh settlement highs, and those for gold and platinum falling.
Gold for April delivery shed $5.60, or 0.3%, to settle at $1,910.90 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices are weaker in midday U.S. trading Tuesday, on a normal downside correction following strong gains posted Monday," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note. "The general marketplace breathed a slight sigh of relief following a U.S. inflation report today that did not come in hotter than expected amid the current financial turmoil."
On Tuesday, the U.S. Labor Department reported that consumer prices increased 0.4% in February after rising 0.5% in January, with annual inflation easing to 6% from 6.4%. The levels were in line with expectations. The core rate for the month, at 0.5% from 0.4%, was slightly higher than forecasted.
Gold futures traded between $1,899.80 and $1,919.40. They gained 2.5% on Monday, for their highest close since Feb. 2.
Meanwhile, silver for May delivery added 11.7 cents, or 0.5%, to finish at $22.04 an ounce. The settlement was the highest since Feb. 10. Silver futures ranged from $21.46 to $22.09. They soared 6.9% on Monday.
In other precious metals prices Tuesday:
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After ending at their highest price since Feb. 2, April platinum fell $7.60, or 0.8%, to $997.30 an ounce, trading between $983.30 and $1,009.50.
- Palladium for June delivery tacked on $41, or 2.8%, to $1,517.70 an ounce, ranging from $1,432.50 to $1,532. The settlement was the highest since Feb. 21. As recently as Wednesday, palladium at $1,363.10 an ounce logged its lowest settlement since June 7, 2019.
US Mint Bullion Sales in 2023
On Tuesday, published United States Mint bullion sales increased. Gains included a combined 41,500 ounces in American Gold Eagles and 14,500 ounces in American Gold Buffalos.
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 | March | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 39,500 | 10,500 | 118,000 | 41,500 | 50,000 | 209,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 37,000 | 8,000 | 1,000 | 46,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 8,000 | 2,000 | 62,000 | 12,000 | 10,000 | 84,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 115,000 | 85,000 | 10,000 | 210,000 |
| $50 American Buffalo 1 Oz Gold Coin | 14,500 | 4,500 | 59,000 | 19,500 | 19,000 | 97,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 450,000 | 3,949,000 | 900,000 | 450,000 | 5,299,000 |
