On Tuesday, the price of palladium slightly declined, while the prices of gold, silver, and platinum soared. Gold reached a new noteworthy settlement high, surpassing a one-year peak, while silver finished close to its highest price in a year.
Gold for June delivery surged by $37.80, or 1.9%, to settle at $2,038.20 an ounce on the Comex division of the New York Mercantile Exchange. This is the highest finish since March 8, 2022, when gold ended the day at $2,043.30 per ounce.
"Gold is getting a boost from a downbeat U.S. economic report, sharply higher crude oil prices, a lower U.S. dollar index and a dip in U.S. Treasury yields," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,994 and $2,043.40. On Monday, they increased by 0.7%.
Meanwhile, silver for May delivery advanced for the fifth time in six sessions, rallying by $1.08, or 4.5%, to close at $25.101 an ounce. This settlement is the highest since April 20, 2022, when silver ended at $25.271 an ounce. Silver futures traded within a range of $23.97 to $25.16, falling 0.6% on Monday.
In other precious metals prices on Tuesday:
July platinum improved $32.60, or 3.3%, to $1,029 an ounce, ranging from $991 to $1,032.
- Palladium for June delivery declined $2.30, or 0.2%, to $1,455.70 an ounce, trading between $1,433 and $1,487.
US Mint Bullion Sales in 2023
Published sales figures from the U.S. Mint on Tuesday revealed an increase in bullion coins for the first time this week. Specifically, American Gold Eagles saw gains of 26,500 ounces, American Gold Buffalos increased by 9,500 ounces, American Silver Eagles advanced by 450,000 ounces, and American Platinum Eagles increased by 500 ounces.
The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold during different time periods.
|US Mint Bullion Sales (# of coins)|
|Tuesday / Week / April||Last Week||January Sales||February||March||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||18,000||53,500||118,000||41,500||211,000||388,500|
|$25 American Eagle 1/2 Oz Gold Coin||8,000||0||37,000||8,000||1,000||54,000|
|$10 American Eagle 1/4 Oz Gold Coin||10,000||0||62,000||12,000||10,000||94,000|
|$5 American Eagle 1/10 Oz Gold Coin||20,000||0||115,000||85,000||10,000||230,000|
|$50 American Buffalo 1 Oz Gold Coin||9,500||15,500||59,000||19,500||73,000||161,000|
|$1 American Eagle 1 Oz Silver Coin||450,000||0||3,949,000||900,000||900,000||6,199,000|
|$100 American Eagle 1 Oz Platinum Coin||500||0||N/A||N/A||7,500||8,000|