Gold and Silver Prices Dip after Easter Weekend, Palladium Plummets by 3.8%

2

Following an extended weekend for the Easter holiday, precious metal prices dropped, with silver decreasing by 0.7% and palladium by 3.8%.

Gold for June delivery gave back $22.60, or 1.1%, and settled at $2,003.80 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices are sharply lower in midday U.S. trading Monday, on some profit-taking pressure from the shorter-term futures traders and as the U.S. dollar index is solidly up today, on a rebound after last week hitting a two-month low. Silver prices are just modestly down. Still, both metals are in firmly bullish technical postures to suggest more upside for prices in the near term," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $1,996.50 and $2,021.50, following their sixth straight winning week in which prices have advanced a combined $209.30 or 11.5%. Last Tuesday, gold ended at $2,038.20 an ounce, which marked its highest settlement since March 8, 2022.

Meanwhile, silver for May delivery fell 18.1 cents to finish at $24.912 an ounce. Silver futures traded within a range of $24.77 to $25.24. They also continued their winning streak last week for the fourth consecutive time, with a combined increase of $4.59 or 22.4%. Last Tuesday, silver settled at $25.101 an ounce, which marked its best settlement since April 20, 2022.

In other precious metals prices on Monday:

  • July platinum shed $13.90, or 1.4%, and closed at $1,002.90 an ounce, trading within a range of $995.80 to $1,026.70.

  • Palladium for June delivery tumbled $54.80 to end at $1,407.60 an ounce, with a trading range of $1,408 to $1,468.

Last week, platinum gained 1.4% while palladium decreased by 0.4%.

US Mint Bullion Sales in 2023

U.S. Mint published bullion sales were unchanged on Monday. 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)
Monday Last Week January Sales February March April 2023 Sales
$50 American Eagle 1 Oz Gold Coin 0 53,500 118,000 41,500 211,000 18,000 388,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 37,000 8,000 1,000 8,000 54,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 62,000 12,000 10,000 10,000 94,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 115,000 85,000 10,000 20,000 230,000
$50 American Buffalo 1 Oz Gold Coin 0 15,500 59,000 19,500 73,000 9,500 161,000
$1 American Eagle 1 Oz Silver Coin 0 0 3,949,000 900,000 900,000 450,000 6,199,000
$100 American Eagle 1 Oz Platinum Coin 0 0 N/A N/A 7,500 500 8,000
Subscribe
Notify of
guest

2 Comments
Inline Feedbacks
View all comments
Craig

Kaiser, to me watching the day to day movement of precious metals is like watching paint dry.

Dazed and Coinfused

Gold and silver are the Jeffersons today. They movin on up. To the east side. To a Chinese bank vault in the sky