For the third day in a row on Wednesday, precious metals declined in tandem. Palladium saw a 0.2% loss, while silver and platinum both dropped by 2%. Meanwhile, gold recorded its lowest finish in six and a half months.
Gold for December delivery fell by $28.90, or 1.5%, to settle at $1,890.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 10 when gold ended at $1,867.20 an ounce.
An up-trending U.S. dollar index that hit a 10-month high overnight and a 10-year U.S. Treasury note yield that scored a 16-year high this week are bearish outside market elements for the two precious metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
"A still-hawkish Fed continues to squelch the metals market bulls."
Gold futures traded between $1,890.30 and $1,921.70. They declined by 0.9% on Tuesday and they slipped by 0.5% on Monday.
Elsewhere, silver for December delivery tumbled by 47.2 cents to end at $22.724 an ounce. The close was the weakest since Aug. 17. Silver futures ranged from $22.64 and $23.12. They shed 0.8% on Tuesday and they dropped by 1.9% on Monday.
In PGM futures on Wednesday:
January platinum — the new, most-active contract — fell by $17.90 to $896.30 an ounce, trading between $890.90 and $918.80.
- Palladium for December delivery dipped by $2 to $1,223.70 an ounce, with prices ranging between $1,214.50 and $1,253.50.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales have remained unchanged since Wednesday, Sept. 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)|
|Wednesday / This Week||Last Week||July||August||September||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||0||41,000||78,000||12,000||756,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||2,000||10,000||85,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||2,000||22,000||156,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||150,000||35,000||570,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||16,500||19,500||15,500||328,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||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|