On Monday, the price of silver declined in the precious metals market, while the prices of gold, platinum, and palladium increased.
Gold for August delivery climbed by $4.70, or 0.2%, to settle at $1,974.30 an ounce on the Comex division of the New York Mercantile Exchange.
“Technically, August gold futures bulls have the overall near-term technical advantage. 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 the May low of $1,949.60," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,953.80 and $1,980.40. They gained 1.3% last week, for their first weekly gain in four weeks.
Meanwhile, silver for July delivery slipped by 11.2 cents, or 0.5%, to end at $23.635 an ounce. Silver futures ranged from $23.32 to $23.79. They advanced 1.7% last week, also for their first weekly increase in four weeks.
In other precious metals prices on Monday:
July platinum tacked on $32.90, or 3.3%, to $1,036.40 an ounce, trading between $1,006.70 and $1,043.
- Palladium for September delivery rose by $6.80, or 0.5%, to $1,410.30 an ounce, ranging from $1,391 to $1,448.50.
Last week, platinum lost 2.4% and palladium fell by 1.4%.
US Mint Bullion Sales in 2023
U.S. Mint published bullion sales have been unchanged so far this month. 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)|
|Monday / June||Last Week||February||March||April||May||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||8,000||41,500||211,000||159,000||60,500||590,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||18,000||8,000||1,000||8,000||18,000||72,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||14,000||12,000||10,000||12,000||32,000||146,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||80,000||85,000||10,000||35,000||80,000||325,000|
|$50 American Buffalo 1 Oz Gold Coin||0||8,500||19,500||73,000||61,000||47,000||259,500|
|$1 American Eagle 1 Oz Silver Coin||0||693,000||900,000||900,000||900,000||1,593,000||8,242,000|
|$100 American Eagle 1 Oz Platinum Coin||0||1,200||N/A||7,500||500||1,200||9,200|