Gold and Silver Reach Multi-Week Highs on Tuesday, Aug. 29


The price of palladium dipped lower on Tuesday, while the prices of gold, silver, and platinum climbed. Gold and silver ended the day at three- and four-week highs, respectively.

Gold for December delivery advanced by $18.30, or 0.9%, to settle at $1,965.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Aug. 7.

"A much weaker-than-expected U.S. jobs turnover report (JOLTS) and a much lower-than-expected consumer confidence index report prompted fresh buying interest in the precious metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note

Gold futures traded between $1,941.70 and $1,966.50. They climbed by 0.4% on Monday.

Rising for the eighth time in nine sessions, silver for September jumped by 53.6 cents, or 2.2%, to finish at $24.788 an ounce. The settlement was the highest since July 31. Throughout the day, silver prices ranged from $24.20 to $24.85, following an increase of 0.07% on Monday.

In other precious metals prices on Tuesday:

  • October platinum rose by $13.90, or 1.4%, closing at $986.10 an ounce, with prices trading within a range of $970.90 and $990.

  • Palladium for December delivery — the new, most-active contract — shed $4.70, or 0.4%, to $1,257.20 an ounce. Palladium futures ranged from $1,224.50 to $1,268.

US Mint Bullion Sales in 2023

Published U.S. Mint bullion sales were unchanged on Tuesday. On Monday, the U.S. Mint reported bullion sales gains of 79,500 ounces in American Gold Eagles and 603,000 ounces in American Silver Eagles.

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 Last Week This Week June July August 2023 Sales
$50 American Eagle 1 Oz Gold Coin 0 36,500 19,500 35,000 41,000 72,000 738,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 0 2,000 75,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 0 2,000 134,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 60,000 60,000 0 120,000 505,000
$50 American Buffalo 1 Oz Gold Coin 0 8,000 0 17,000 16,500 19,500 312,500
$1 American Eagle 1 Oz Silver Coin 0 756,000 603,000 1,482,000 209,100,000 2,942,000 14,757,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 3,500 0 0 12,700
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Kaiser Wilhelm

Gold is climbing again, silver is nearing $25/oz., platinum is approaching $1000/oz. and palladium is still on the way down but at least for now not in express mode.

Joseph papineau

Platinum needs to be appreciated… It is a great conductor of electricity.. Better than the other rear Earth elements… It cost more to mine it, then it does have In value.. Something needs to be done about this, it’s not right… All the EV vehicles that are produced are gonna be looking for platinum for their circuits.. It has a high heat resistance ….