Gold Logs Another 11-Month High as Prices Briefly Top $2,000/Oz

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Precious metals kicked of the new trading week with gains on Monday. Gold and silver marked another round of settlement highs — 11 months for the former and 1.5 months for the latter. For a moment and for the first time in over a year, gold prices also topped $2,000 an ounce.

Gold for April delivery rose $9.30, or 0.5%, to end at $1,982.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was another best since April 18. Gold futures traded between $1,970 and $2,014.90 — the highest intraday price since March 10, 2022.

"Some normal profit-taking pressure and chart consolidation are seen on the price pullbacks," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note. Still, safe-haven demand for the metals is present in a shaky general marketplace amid the U.S. and European banking crisis.

Gold prices soared 5.7% last week.

Meanwhile, silver for May delivery moved up 18.4 cents, or 0.8%, to close at $22.646 an ounce. The settlement was another high since Feb. 2. Silver futures ranged from $22.35 and $22.86. They rallied last week by 9.5%.

In other precious metals prices on Monday:

  • April platinum advanced $18.20, or 1.9%, to $996.80 an ounce, trading between $969.50 and $1,008.20.

  • Palladium for June delivery added $14.50, or 1.1%, to $1,400.60 an ounce, ranging from $1,374.50 to $1,424.

Last week, platinum gained 1.7% and palladium rose 1.8%.

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)
Monday Last Week January Sales February March 2023 Sales
$50 American Eagle 1 Oz Gold Coin 0 39,500 118,000 41,500 50,000 209,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 37,000 8,000 1,000 46,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 62,000 12,000 10,000 84,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 115,000 85,000 10,000 210,000
$50 American Buffalo 1 Oz Gold Coin 0 14,500 59,000 19,500 19,000 97,500
$1 American Eagle 1 Oz Silver Coin 0 0 3,949,000 900,000 450,000 5,299,000
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Rich

Time has come today for $2,000 Gold, again.

Antonio

It may have reached that, but it closed at $1,983.60. Maybe tomorrow.

Seth Riesling

Just remember, the precious metals prices listed in this article each day are for futures contracts for the metals, & are NOT the daily spot fix prices used by coin dealers.

NumisdudeTX

c_q

the futures ladder shows gold going over $2000 starting around june. so maybe a little patience…

Seth Riesling

Gold is down $31 this morning…

NumisdudeTX

Seth Riesling

Now, gold is down $40 an ounce this afternoon…any bets about when spot gold price will close at $2000 or above?

NumisdudeTX

Rich

Yesterday spot gold hit $2,010 before closing at $1,978. Today, at 2:25 ET spot gold is down to $1,939. Let’s see what happens tomorrow after the FED does its thing…

Seth Riesling

True, the 2-day FOMC meeting of the Fed results released tomorrow will move markets for sure.

NumisdudeTX