At the start of the new trading week on Monday, palladium declined slightly, while gold, silver, and platinum rose modestly. Gold ended the day at a more than two-week high.
Up for a third straight session after reaching a three-week low on Wednesday, gold for December delivery rose by $7.20, or 0.4%, to settle at $1,953.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 1.
"Trading is subdued and is likely to remain that way until the Wednesday afternoon conclusion of the Federal Reserve’s FOMC meeting," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
"The key outside markets today see the U.S. dollar index weaker. Nymex crude oil prices are higher, hit a 10-month high overnight, and are trading around $92.00 a barrel," Wyckoff noted.
On the day, gold futures traded between $1,943.80 and $1,955.10, after edging 0.2% higher last week. On Wednesday, gold registered its lowest settlement since August 22, ending at $1,932.50 an ounce.
Rising for a second session, silver for December delivery moved up by 11.2 cents, or 0.5%, to close at $23.498 an ounce. The finish was silver’s best since Sept. 6. Silver futures ranged from $23.23 to $23.53. They climbed by 0.9% last week.
In other precious metals prices on Monday:
-
October platinum added $8.80, or 1%, to $938.30 an ounce, trading between $930.70 and $941.20.
- Palladium for December delivery declined by $8.70, or 0.7%, to $1,244 an ounce, ranging from $1,228 to $1,259.50.
Last week, platinum jumped 3.9%, while palladium soared 5.1%.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales have remained unchanged since Wednesday. 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 | July | August | September | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 8,500 | 41,000 | 78,000 | 12,000 | 756,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 10,000 | 0 | 2,000 | 10,000 | 85,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 22,000 | 0 | 2,000 | 22,000 | 156,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 15,000 | 0 | 150,000 | 35,000 | 570,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 1,500 | 16,500 | 19,500 | 15,500 | 328,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 785,000 | 209,100,000 | 3,124,000 | 1,502,000 | 16,441,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 12,700 |
