Prices of precious metals advanced Tuesday, with gains ranging from 0.8% for gold to 4.5% for palladium, following the release of weaker-than-expected U.S. inflation data.
Gold for December delivery rose by $16.30 to settle at $1,966.50 an ounce on the Comex division of the New York Mercantile Exchange. During the day, gold prices traded between $1,938.80 and $1,975.30, after they climbed by 0.7% on Monday.
"Gold and silver prices are solidly higher in midday U.S. trading Tuesday, following a key U.S. inflation report this morning that came in tamer than market expectations and in turn sunk the U.S. dollar index and dropped U.S. Treasury yields. Short covering in the gold and silver futures markets was featured today, along with some perceived bargain hunting in the cash markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Earlier on Tuesday, the U.S. Labor Department reported that consumer prices were unchanged last month, compared to the 0.4% increase in September, while annual inflation slowed to 3.2% from 3.7%.
Rising for the fourth time in five sessions, silver for December jumped up 77.4 cents, or 3.5%, closing at $23.132 an ounce. Silver futures ranged from $22.15 to $23.26. On Monday, they posted a 0.4% increase.
In other precious metals prices on Tuesday:
-
January platinum tacked on $29.20, or 3.4%, to $892.80 an ounce, trading between $867.10 and $895.50.
- Palladium for December delivery rallied by $44.30 to $1,026.60 an ounce, ranging from $973 to $1,035.50.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed a week ago Tuesday, Nov. 7, and the reported increases were the first for this month. Gains 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) | ||||||
|---|---|---|---|---|---|---|
| Tuesday / This Week | 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 |
