Wednesday saw good gains in most precious metals, with the exception of gold, which experienced its first loss in three sessions, albeit a relatively small one.
Gold for December delivery edged down $2.20, or 0.1%, to settle at $1,964.30 an ounce on the Comex division of the New York Mercantile Exchange.
During the day, gold prices traded between $1,958.80 and $1,979.20, after rising by 0.8% on Tuesday and climbing by 0.7% on Monday.
“The results from CPI and PPI are positive and it continues to support gold prices with the expectation that inflation will continue to pull back adding to the expectations that the Fed is done raising interest rates,” Reuters quoted David Meger, director of metals trading at High Ridge Futures.
On Wednesday, the U.S. Labor Department reported that producer prices fell by 0.5% in October after rising by 0.4% in September, and rose 1.3% in the 12 months through October, compared to 2.2% previously. On Tuesday, the Labor Department reported that consumer prices were unchanged last month, compared to 0.4% increase in September, while annual inflation slowed to 3.2% from 3.7%.
Advancing for the fifth time in six sessions, silver for December increased by 40.6 cents, or 1.8%, closing at $23.538 an ounce. Silver futures ranged from $23.10 to $23.71. They jumped by 3.5% on Tuesday and they posted a 0.4% increase on Monday.
In PGM futures on Wednesday:
January platinum rose by $9.20, or 1%, to $902 an ounce, trading between $886.50 and $908.10.
- Palladium for December delivery added $13.70, or 1.3%, to $1,040.30 an ounce, ranging from $1,005.50 to $1,054.
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)|
|Wednesday / 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|