Prices for precious metals changed little on Wednesday, but gold, silver, and platinum managed to extend their streak of wins to four. Gold and silver also ended near two-week highs.
Gaining for a fourth consecutive session after nine straight losses, gold for December delivery rose by $12, or 0.6%, to settle at $1,887.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 27.
"Gold and silver prices are firmer in midday U.S. trading Wednesday, on more safe-haven demand amid the Israel-Hamas war that could escalate in the near term. Notions of continued pause in Federal Reserve interest rate increases are also a bullish element for the metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,871.700 and $1,890.90. They increased by 0.6% on Tuesday and they gained 1% on Monday.
Silver for December delivery climbed by 18 cents, or 0.8%, ending at $22.133 an ounce. The settlement was the highest since Sept. 29. During the day, silver prices ranged from $21.95 and $22.28, after rising by 0.1% on Tuesday and advancing by 0.9% on Monday.
In PGM futures on Wednesday:
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January platinum moved up by $2.80, or 0.3%, to $893 an ounce, trading between $879 and $896.
- Palladium for December delivery edged down by $1.10, or 0.09%, to $1,170.30 an ounce, ranging from $1,150.50 to $1,1892.50.
US Mint Bullion Sales in 2023
On Wednesday, the U.S. Mint increased its bullion sales for October, with gains reported for American Gold Eagles, American Silver Eagles, and American Gold Buffalos.
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 | Last Week | July | August | September | October | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 21,000 | 40,500 | 41,000 | 78,000 | 27,500 | 61,500 | 833,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 2,000 | 0 | 2,000 | 13,000 | 2,000 | 90,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 6,000 | 6,000 | 0 | 2,000 | 30,000 | 12,000 | 176,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 5,000 | 10,000 | 0 | 150,000 | 40,000 | 15,000 | 590,000 |
| $50 American Buffalo 1 Oz Gold Coin | 8,000 | 13,500 | 16,500 | 19,500 | 18,500 | 21,500 | 352,500 |
| $1 American Eagle 1 Oz Silver Coin | 751,000 | 785,000 | 2,091,000 | 3,124,000 | 2,970,000 | 1,536,000 | 19,445,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 0 | 12,700 |
