Precious metals bounced Tuesday, recovering some, or in the case of silver, more than their prior-day losses. Silver’s gain lifted it to a near one-year high.
Gold for June delivery rose $15.20, or 0.8%, and settled at $2,019 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are higher in midday U.S. trading Tuesday, supported by chart-based buying amid bullish technicals. A weaker U.S. dollar index and higher crude oil prices are also bullish outside market elements for the metals on this day. Traders are awaiting the next major data point, which is a U.S. inflation report Wednesday morning," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $2,003.70 and $2,022.50, after falling 1.1% on Monday. Last Tuesday, gold ended at $2,038.20 an ounce, marking its best settlement since March 8, 2022.
Meanwhile, silver for May delivery tacked on 27.4 cents, or 1.1%, to end at $25.186 an ounce. The settlement is the highest since April 20, 2022. Silver futures traded within a range of $24.97 to $25.28, after slipping 0.7% on Monday.
In other precious metals prices on Tuesday:
July platinum edged up $2.20, or 0.2%, to $1,005.10 an ounce, trading within a range of $1,000.60 to $1,018.60. Platinum fell by 1.4% on Monday.
- After tumbling 3.8% on Monday, palladium for June delivery bounced $36, or 2.6%, to $1,443.60 an ounce, with a trading range of $1,413.50 to $1,459.50.
US Mint Bullion Sales in 2023
Published sales figures from the U.S. Mint on Tuesday showed gains in bullion coins for the first time this week. Specifically, American Gold Eagles saw an increase totaling 57,500 ounces and American Gold Buffalos increased by 25,500 ounces.
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)|
|Tuesday / Week||Last Week||January Sales||February||March||April||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||56,500||53,500||118,000||41,500||211,000||74,500||445,000|
|$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||10,000||0||115,000||85,000||10,000||30,000||240,000|
|$50 American Buffalo 1 Oz Gold Coin||25,500||15,500||59,000||19,500||73,000||35,000||186,500|
|$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|