Precious metals declined on Tuesday, retreating more than their gains on Monday when gold scored its best settlement in 11-months and silver logged a 1.5-month high.
Gold for April delivery dropped $41.70, or 2.1%, to end at $1,941.10 an ounce on the Comex division of the New York Mercantile Exchange.
"Heavy profit-taking pressure and position evening from the futures traders is featured ahead of the U.S. interest rate decision Wednesday afternoon. Also negative for gold and silver on this day is trader and investor risk appetite that has up-ticked just a bit," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Tuesday morning, the Fed’s FOMC kicked off its two-day meeting about monetary policy. Many expect the meeting to end with a 0.25% increase in the benchmark funds rate, while some expect a pause in interest rate hikes due to banking fears.
Gold futures traded between $1,939.60 and $1,988.70. They rose 0.5% on Monday, closing at their best price since April 18.
Elsewhere, silver for May delivery settled down 22.1 cents, or 1%, to $22.425 an ounce. Silver futures ranged from $22.29 and $22.79. They moved up 0.8% on Monday, marking their highest finish since Feb. 2.
In other precious metals prices Tuesday:
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April platinum fell $20.10, or 2%, to $976.70 an ounce, trading between $966.90 and $1,008.
- Palladium for June delivery declined $17.50, or 1.3%, to $1,383.10 an ounce, ranging from $1,375.50 to $1,412.50.
US Mint Bullion Sales in 2023
On Tuesday, published United States Mint bullion sales contained a first entry for the 2023 American Platinum Eagle. Altogether, U.S. Mint bullion gains included:
- 7,200 ounces in American Platinum Eagles,
- 64,000 ounces in American Gold Eagles,
- 24,500 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) | ||||||
|---|---|---|---|---|---|---|
| Tuesday / This Week | Last Week | January Sales | February | March | 2023 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 7,200 | N/A | N/A | N/A | 7,200 | 7,200 |
| $50 American Eagle 1 Oz Gold Coin | 64,000 | 39,500 | 118,000 | 41,500 | 114,000 | 273,500 |
| $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 | 24,500 | 14,500 | 59,000 | 19,500 | 43,500 | 122,000 |
| $1 American Eagle 1 Oz Silver Coin | 450,000 | 0 | 3,949,000 | 900,000 | 900,000 | 5,749,000 |
