Gold Prices Ease After U.S. Inflation Data


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:

  • 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
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