Gold and silver prices rallied Thursday, scoring settlement highs that reached more than a year for gold and to seven weeks for silver.
Up for a third time this week, gold for April delivery tacked on $46.30, or 2.4%, to close at $1,995.90 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the highest since March 10, 2022, when gold ended at $2,000.40 an ounce.
"Gold and silver prices solidly higher in midday U.S. trading Thursday, boosted in the wake of the Federal Reserve raising its main interest rate by a quarter-point, but also suggesting rates will not continue to rise. A depreciating U.S. dollar on the foreign exchange market is also working in favor of the metals market bulls late this week,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
On Wednesday, the Fed’s FOMC raised the benchmark federal-funds rate to a range between 4.75% and 5%, the highest level since September 2007.
Gold futures traded between $1,967.30 and $2,006.10. They inched 0.4% higher on Wednesday, they dropped 2.1% on Tuesday, and they gained 0.5% on Monday.
Meanwhile, silver for May delivery jumped 46.3 cents, or 2.1%, to end at $23.256 an ounce. For a second straight day, the settlement was the highest since Feb. 2.
Silver futures ranged from $22.90 and $23.36. They gained 1.6% on Wednesday, they lost 1% on Tuesday, and they moved up 0.8% on Monday.
In other precious metals prices on Thursday:
-
April platinum added $5.90, or 0.6%, to $992.90 an ounce, trading between $979.30 and $999.
- After soaring 4.5%, palladium for June delivery declined $12.90, or 0.9%, to $1,432.80 an ounce, ranging from $1,415 to $1,463.
US Mint Bullion Sales in 2023
Published United States Mint gold and platinum bullion sales increased Thursday. For the second time this week (and for the year), the 2023 American Platinum Eagle climbed, although its latest pick up was modest. U.S. Mint gold bullion coins, however, posted solid gains. Altogether, U.S. Mint bullion sales included increases of:
- 300 ounces in American Platinum Eagles,
- 28,000 ounces in American Gold Eagles, and
- 6,500 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) | |||||||
|---|---|---|---|---|---|---|---|
| Thursday | Last Week | This Week | January Sales | February | March | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 28,000 | 39,500 | 92,000 | 118,000 | 41,500 | 142,000 | 301,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 37,000 | 8,000 | 1,000 | 46,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 8,000 | 0 | 62,000 | 12,000 | 10,000 | 84,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 115,000 | 85,000 | 10,000 | 210,000 |
| $50 American Buffalo 1 Oz Gold Coin | 6,500 | 14,500 | 31,000 | 59,000 | 19,500 | 50,000 | 128,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 450,000 | 3,949,000 | 900,000 | 900,000 | 5,749,000 |
| $100 American Eagle 1 Oz Platinum Coin | 300 | N/A | 7,500 | N/A | N/A | 7,500 | 7,500 |
