Precious metals moved higher on Monday, following heavy losses from last week. Platinum scored a solid gain, while gold, silver, and palladium rose slightly.
Gold for December delivery rose by $12.50, or 0.7%, to settle at $1,950.20 an ounce on the Comex division of the New York Mercantile Exchange.
"Going forward, in the short term the investor appetite to add length will rely on the extent of (geopolitical) escalation but (gold) will face headwinds from elevated U.S. real rates," Goldman Sachs said in a note reported by Reuters.
"Tactically, we would view a potential selloff in gold as a buying opportunity as we see an environment with elevated risk channels ahead playing into gold’s hedge qualities."
Gold futures traded between $1,935.60 and $1,953.50. They fell by 3.1% last week, for their first weekly loss in five weeks, ending Friday at their lowest price since Oct. 17.
Rising for the third time in four sessions, silver for December increased by 7.7 cents, or 0.4%, closing at $22.358 an ounce. Silver futures ranged from $21.92 to $22.41. They gave back 4.3% last week, settling Friday at their weakest point since Oct. 12.
In other precious metals on Monday:
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January platinum advanced by $18, or 2.1%, to $863.60 an ounce, trading between $844.60 and $868.80.
- Palladium for December delivery edged up by $3.50, or 0.4%, to $982.30 an ounce, ranging from $948.50 to $988.50.
Last week, platinum sank by 10.5% and palladium tumbled by 13.3%.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Tuesday, and those gains were the first for this month. Advances included 8,500 ounces in American Gold Eagles, 356,000 ounces in American Silver Eagles, and 3,500 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) | ||||||
|---|---|---|---|---|---|---|
| Monday | August | September | October | Last Week / November | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 78,000 | 27,500 | 97,000 | 7,000 | 876,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 2,000 | 13,000 | 7,000 | 1,000 | 96,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 30,000 | 18,000 | 4,000 | 186,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 150,000 | 40,000 | 30,000 | 0 | 605,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 19,500 | 18,500 | 36,500 | 3,500 | 371,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 3,124,000 | 2,970,000 | 3,938,000 | 356,000 | 22,203,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 12,700 |
