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|
Time has come today for $2,000 Gold, again.
There’s no way to look at this, Good Sir Rich, other than how this elevated gold pricing leads to higher gold product prices at the Mint. I suppose those who already own gold can celebrate while those who are just getting into it will have to bite the bullet.
It may have reached that, but it closed at $1,983.60. Maybe tomorrow.
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.
Exactly, Seth, while the spot prices appear in the chart in the upper right hand corner.
the futures ladder shows gold going over $2000 starting around june. so maybe a little patience…
Gold is down $31 this morning…
Now, gold is down $40 an ounce this afternoon…any bets about when spot gold price will close at $2000 or above?
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…
True, the 2-day FOMC meeting of the Fed results released tomorrow will move markets for sure.
Seth Riesling and Good Sir Rich, all other considerations and factors aside, and at least in my opinion, it’s rather pleasing and almost comforting to see good old gold at the very top of the precious metals heap again.