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 |
