Gold gained in its start to the new trading week on Tuesday, while silver, platinum, and palladium declined.
Gold for August delivery — the new, most-active contract — rose by $14, or 0.7%, to settle at $1,977.10 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices are solidly higher in midday U.S. trading Tuesday, supported by a weaker U.S. dollar index and a downtick in U.S. Treasury yields to start the U.S. trading week. The yellow metal hit a nine-week low overnight. Short covering in the futures market and some bargain buying in the cash were also featured today,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,949.60 and $1,981.90, after shedding 1.9% last week.
Elsewhere, silver for July delivery declined 12.1 cents, or 0.5%, to close at $23.239 an ounce. Silver futures ranged from $23.03 and $23.51, after falling 2.9% last week.
In other precious metals prices on Tuesday:
July platinum dipped $6.20, or 0.6%, to $1,021.90 an ounce, trading between $1,021.20 and $1,046.
- Palladium for September delivery gave back $28.60, or 2%, to $1,397.50 an ounce, ranging from $1,386 to $1,445.
Last week, platinum declined 4.4% while palladium dropped 6.6%.
US Mint Bullion Sales in 2023
U.S. Mint published bullion sales were unchanged on Tuesday. 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)|
|Tuesday / Week||Last Week||February||March||April||May||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||18,000||41,500||211,000||159,000||52,500||582,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||8,000||1,000||8,000||0||54,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||12,000||10,000||12,000||18,000||132,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||85,000||10,000||35,000||0||245,000|
|$50 American Buffalo 1 Oz Gold Coin||0||6,000||19,500||73,000||61,000||38,500||251,000|
|$1 American Eagle 1 Oz Silver Coin||0||47,000||900,000||900,000||900,000||900,000||7,549,000|
|$100 American Eagle 1 Oz Platinum Coin||0||0||N/A||7,500||500||0||8,000|