On Monday, the pricing movements of precious metals exactly reversed from Friday, with gold and silver gaining while platinum and palladium fell.
Gold for June delivery rose by $9.30, or 0.5%, to settle at $1,999.80 an ounce on the Comex division of the New York Mercantile Exchange.
"A lower U.S. dollar index and a decline in U.S. Treasury yields are supporting the metals market bulls today. However, the metals market bulls are still tentative amid general marketplace sentiment that Federal Reserve monetary policy is likely to remain tight in the coming months, despite notions the U.S. and/or global economy could slip into recession during that period," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures ranged within $1,984.40 to $2,001.50, after experiencing a 1.3% decline last week and closing below $2,000 an ounce for the first time this month.
Meanwhile, silver for May delivery increased by 25.3 cents, or 1%, to settle at $25.311 an ounce. Silver futures traded between $24.84 and $25.32, after falling by 1.6% last week and ending a five-week winning streak.
On Monday, PGM’s fell, giving back some of their gains from last week:
July platinum tumbled $41, or 3.6%, to $1,097.70 an ounce, ranging within $1,094.90 to $1,142.50.
- Palladium for June delivery dropped $73, or 4.5%, to $1,534.40 an ounce, trading between $1,511 and $1,609.
Last week, platinum soared 8% and palladium soared by 7.4%.
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||47,500||118,000||41,500||211,000||122,000||492,500|
|$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||2,000||62,000||12,000||10,000||12,000||96,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||115,000||85,000||10,000||35,000||245,000|
|$50 American Buffalo 1 Oz Gold Coin||0||22,000||59,000||19,500||73,000||57,000||208,500|
|$1 American Eagle 1 Oz Silver Coin||0||450,000||3,949,000||900,000||900,000||900,000||6,649,000|
|$100 American Eagle 1 Oz Platinum Coin||0||0||N/A||N/A||7,500||500||8,000|