In Wednesday’s mid-week trading session, precious metals witnessed further declines, with palladium leading the way once again. Among them, for a second straight day, gold experienced the smallest decrease in terms of percentage.
Gold for June delivery settled down $9.90, or 0.5%, to $1,964.60 an ounce on the Comex division of the New York Mercantile Exchange. Gold futures traded between $1,958.40 and $1,987.90, after sliding 0.1% on Tuesday and dipping 0.2% on Monday.
"Technically, June gold futures bulls have the overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Elsewhere, silver for July delivery dropped 38.4 cents, or 1.6%, to close at $23.24 an ounce. The settlement was the lowest since March 27. Silver futures ranged from $23.14 and $23.66, after falling 1% on Tuesday and declining 0.8% on Monday.
In PGM futures on Wednesday:
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July platinum dropped $28.10, or 2.7%, to $1,029.50 an ounce, trading between $1,026.30 and $1,063.80.
- Palladium for June delivery fell $48.60, or 3.4%, to $1,398.10, ranging from $1,391 to $1,461.
US Mint Bullion Sales in 2023
U.S. Mint-published bullion sales were unchanged on Wednesday, following increases in gold and silver coins on Tuesday and no reported gains on Monday.
The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
| US Mint Bullion Sales (# of coins) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Wednesday | Last Week | This Week | February | March | April | May | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 21,500 | 18,000 | 41,500 | 211,000 | 159,000 | 52,500 | 582,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 8,000 | 1,000 | 8,000 | 0 | 54,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 18,000 | 0 | 12,000 | 10,000 | 12,000 | 18,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 85,000 | 10,000 | 35,000 | 0 | 245,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 9,500 | 6,000 | 19,500 | 73,000 | 61,000 | 38,500 | 251,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 403,000 | 47,000 | 900,000 | 900,000 | 900,000 | 900,000 | 7,549,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | N/A | 7,500 | 500 | 0 | 8,000 |
