Precious metals prices retreated Wednesday, recording losses that ranged from 0.6% for silver to 1.7% for palladium.
Gold for August delivery declined by $23.10, or 1.2%, to settle at $1,958.40 an ounce on the Comex division of the New York Mercantile Exchange.
"The fact that the debt ceiling crisis was resolved without a default did indeed deflate prices somewhat. However, the intermediate short-term prices will likely remain locked in the $1,950 -$2,000 range as the market eyes the next Fed move," said Peter Cardillo, chief market economist at Spartan Capital, in a note to clients, according to MarketWatch.
Gold futures traded between $1,955.40 and $1,986.50, after rising by 0.4% on Tuesday and climbing by 0.2% on Monday.
Meanwhile, silver for July delivery shed 14.1 cents to settle at $23.529 an ounce. Silver futures ranged from $23.48 to $24.17, after edging nearly 0.2% higher on Tuesday and falling by 0.5% on Monday.
In PGM futures on Wednesday:
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July platinum dropped by $14.10, or 1.4%, to $1,024.60 an ounce, trading between $1,022.30 and $1,051.80.
- Palladium for September delivery fell by $23.90 to $1,387.90 an ounce, ranging from $1,379.50 to $1,417.50.
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) | |||||||
|---|---|---|---|---|---|---|---|
| Wednesday / Week / 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 |
