On Monday, prices for precious metals declined. Gold and silver saw more modest losses, while platinum and palladium experienced heavier drops.
Snapping a two-session winning streak, gold for December delivery fell by $10.60, or 0.5%, to settle at $1,988.60 an ounce on the Comex division of the New York Mercantile Exchange.
"The safe-haven metals are seeing some downside price pressure as trader and investor risk appetite has up-ticked modestly recently, as seen by last week’s solid rally in the U.S. stock indexes," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,986.70 and $2,000.10. They edged up by 0.04% last week, marking their fourth straight weekly gain.
Elsewhere, silver for December gave back 5.1 cents, or 0.2%, ending at $23.234 an ounce. Silver futures ranged from $23.08 to $23.36. They climbed by 1.7% last week.
In other precious metals prices on Monday:
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January platinum dropped by $26.70, or 2.8%, to $917.60 an ounce, trading between $915.20 and $943.
- Palladium for December delivery declined by $14, or 1.2%, to $1,114.30 an ounce, ranging from $1,108 to $1,138.50.
Last week, platinum jumped by 4.3%, while palladium edged 0.2% lower.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Wednesday, with adjusted bullion sales for October increasing by 5,500 ounces in American Gold Eagles, by 632,000 ounces in American Silver Eagles, and by 3,000 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) | ||||||
|---|---|---|---|---|---|---|
| Monday / November | Last Week | August | September | October | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 4,000 | 78,000 | 27,500 | 97,000 | 869,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 3,000 | 2,000 | 13,000 | 7,000 | 95,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 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 | 3,000 | 19,500 | 18,500 | 36,500 | 367,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 632,000 | 3,124,000 | 2,970,000 | 3,938,000 | 21,847,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 12,700 |
