Precious metals made gains at the start of the new month on Thursday, with increases ranging from 0.7% for gold to 2.3% for palladium. Gold closed at a level not seen in more than two weeks.
Gold for August delivery increased by $13.40 to settle at $1,995.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since May 15.
"The precious metals are boosted today by ideas the Federal Reserve may pause in its interest-rate-hiking cycle,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,970.10 and $2,000.70, after marking a May decline of 0.9% in the prior session.
Elsewhere, silver for July delivery tacked on 40 cents, or 1.7%, to end at $23.987 an ounce. The close was silver’s highest since May 19. Silver futures ranged from $23.35 to $24.03, after registering a monthly loss of 6.5% in the previous session.
In other precious metals prices on Thursday:
July platinum increased by $11.10, or 1.1%, to $1,010.10 an ounce, trading between $997.40 and $1,015.90.
- Palladium for September delivery advanced by $31.70 to $1,390.70 an ounce, ranging from $1,357 to $1,400.
US Mint Bullion Sales in 2023
On Thursday, and as shown below, the U.S. Mint significantly adjusted bullion sales for May. These bullion gains marked the first of the week. 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)|
|Thursday / Week||Last Week||February||March||April||May||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||8,000||18,000||41,500||211,000||159,000||60,500||590,000|
|$25 American Eagle 1/2 Oz Gold Coin||18,000||0||8,000||1,000||8,000||18,000||72,000|
|$10 American Eagle 1/4 Oz Gold Coin||14,000||0||12,000||10,000||12,000||32,000||146,000|
|$5 American Eagle 1/10 Oz Gold Coin||80,000||0||85,000||10,000||35,000||80,000||325,000|
|$50 American Buffalo 1 Oz Gold Coin||8,500||6,000||19,500||73,000||61,000||47,000||259,500|
|$1 American Eagle 1 Oz Silver Coin||693,000||47,000||900,000||900,000||900,000||1,593,000||8,242,000|
|$100 American Eagle 1 Oz Platinum Coin||1,200||0||N/A||7,500||500||1,200||9,200|