Most precious metals declined on Tuesday, but prices for most of them also registered significant gains in October. Despite slipping from a three-month high, gold was the biggest winner for the month, rising by nearly 7%.
Falling for the first time in five sessions, gold for December delivery dropped by $11.30, representing a 0.6% decrease, to settle at $1,994.30 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are weaker at midday Tuesday, pressured by solid gains in the U.S. dollar index, lower crude oil prices and a slight uptick in U.S. Treasury yields. Routine profit taking in gold and silver from the shorter-term futures traders after recent gains is featured," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
In October, gold prices rallied 6.9%, and on Monday, the yellow metal registered its highest settlement since July 31. For the year to date, gold is 9.2% higher.
Falling for the sixth time in seven sessions and erasing most of the prior day’s gain, silver for December fell by 44.4 cents, or 1.9%, ending at $22.952 an ounce. Silver posted a 2.2% gain in October, reducing its year-to-date loss to 4.5%.
For other precious metals prices on Tuesday and for the month of October:
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January platinum rose by $5, or 0.5%, to settle at $944.90 an ounce, bringing its monthly increase to 3.2%.
- Palladium for December delivery declined by $12.20, or 1.1%, ending at $1,126.10 an ounce, for a monthly tumble of 10.3%.
When evaluating their year-to-date performance, platinum has seen a 12.7% decrease, whereas palladium has encountered a more significant decline of 37.4%
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Monday, Oct. 23, 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) | ||||||
|---|---|---|---|---|---|---|
| Tuesday / Week | Last Week | August | September | October | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 7,500 | 78,000 | 27,500 | 93,000 | 865,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 2,000 | 13,000 | 4,000 | 92,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 4,000 | 2,000 | 30,000 | 18,000 | 182,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 150,000 | 40,000 | 30,000 | 605,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 4,500 | 19,500 | 18,500 | 33,500 | 364,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 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 | 12,700 |
