Prices for precious metals increased at the start of the new trading week on Monday, with relatively modest gains for gold and platinum, and solid gains for silver and palladium.
Up for a second consecutive session following three straight losses, gold for August delivery rose by $4.20, or 0.2%, to settle at $1,933.80 an ounce on the Comex division of the New York Mercantile Exchange.
"Some safe-haven buying is featured following an aborted insurrection in Russia over the weekend that has left the nuclear armed nation’s military destabilized and has the rest of the world wondering what happens next,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,931.10 and $1,943.40, after falling 2.1% last week. They reached their lowest point last week on Thursday, ending at $1,923.70 an ounce, marking their weakest settlement since March 18.
Silver for July delivery recorded a gain for the first time in five sessions, advancing by 47.2 cents, or 2.1%, to end at $22.826 an ounce. They experienced a 7.3% decline last week, closing Friday at their lowest price since March 16.
In other precious metals on Monday:
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Snapping a five-session losing streak, July platinum increased by $4.90, or 0.5%, to $928.60 an ounce, trading between $921.30 and $939.60.
- Rising for a second consecutive session, palladium for September delivery rose by $23.70, or 1.9%, to $1,302.70 an ounce, ranging from $1,275.50 to $1,346. On Thursday, palladium settled at $1,272.60 an ounce for its lowest close since January 2019.
Last week, platinum tumbled 6.4% and palladium plunged 9.7%.
US Mint Bullion Sales in 2023
On Monday, the U.S. Mint published bullion sales gains for only the second time this month, following additions on June 13.
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 | Last Week | March | April | May | June | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 13,500 | 0 | 211,000 | 159,500 | 60,500 | 29,500 | 620,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 8,000 | 18,000 | 1,000 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 10,000 | 12,000 | 32,000 | 4,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 45,000 | 0 | 10,000 | 35,000 | 80,000 | 60,000 | 385,000 |
| $50 American Buffalo 1 Oz Gold Coin | 7,000 | 0 | 73,000 | 61,000 | 47,000 | 14,000 | 273,500 |
| $1 American Eagle 1 Oz Silver Coin | 530,000 | 0 | 900,000 | 900,000 | 1,593,000 | 1,25,500 | 9,497,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 7,500 | 500 | 1,200 | 3,500 | 12,700 |
