Setting silver aside, which declined for a third straight day, precious metals registered gains on Wednesday. Gold marked a near three-month high.
Rising for the first time in three sessions, gold for December delivery gained $8.80, or 0.4%, to settle at $1,994.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s highest since July 31.
"Gold prices are mildly higher and silver mildly lower in midday U.S. trading Wednesday. Chart consolidation is the feature in both metals this week, but the bulls still hold the upper technical hand at present," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
"Trader and investor attention is no longer keenly fixated on the Israel-Hamas war. That means more normal market factors are in play."
Gold futures traded between $1,973.60 and $1,998.60. They dipped by 0.09% on Tuesday and they slipped by 0.3% on Monday.
Meanwhile, silver for December declined by 10.9 cents, or 0.5%, ending at $23.007 an ounce. Silver futures ranged from $22.69 to $23.16. They gave back 0.4% on Tuesday and they fell by 1.2% in the start to the week on Monday.
In PGM futures prices on Wednesday:
-
January platinum tacked on $20.50, or 2.3%, to $912.40 an ounce, trading between $885 and $917.
- Palladium for December delivery rose by $6.10, or 0.5%, to $1,133.60 an ounce, ranging from $1,118 to $1,150.50.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Monday, with reported gains totaling 9,000 ounces in American Gold Eagles, 1,019,000 ounces in American Silver Eagles, and 4,500 ounces in 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 | Last Week | This Week | August | September | October | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 24,000 | 7,500 | 78,000 | 27,500 | 93,000 | 865,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 1,000 | 2,000 | 13,000 | 4,000 | 92,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 4,000 | 2,000 | 30,000 | 18,000 | 182,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 15,000 | 0 | 150,000 | 40,000 | 30,000 | 605,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 7,500 | 4,500 | 19,500 | 18,500 | 33,500 | 364,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 751,000 | 1,019,000 | 3,124,000 | 2,970,000 | 3,306,000 | 21,215,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 0 | 12,700 |
