Precious metals declined collectively on Wednesday, just before the U.S. Thanksgiving holiday on Thursday. Platinum and palladium both recorded their first losses of the week, while gold and silver registered their second decline out of three for the week.
Gold for December delivery shed $8.80, or 0.4%, to settle at $1,992.80 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are lower in midday U.S. trading Wednesday, pressured by solid gains in the U.S. dollar index and sharp losses in crude oil. Better risk appetite in the general marketplace this week is also a bearish element for the safe-haven metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,988.60 and $2,008.30. They advanced by 1.1% on Tuesday, marking their highest settlement since Oct. 30, and they shed 0.2% on Monday.
Silver for December fell by 18.1 cents, or 0.8%, ending at $23.688 an ounce. Silver futures ranged from $23.58 and $24. They rose by 1.1% on Tuesday and they gave back 1% on Monday.
In PGM futures on Wednesday:
-
January platinum lost $15.20, or 1.6%, to $930.70 an ounce, trading between $924.10 and $949.10.
- Palladium for December declined by $38.90, or 3.6%, to $1,056.60 an ounce, ranging from $1,051 to $1,090.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Thursday, and those gains were the second for this month. Advances included 18,500 ounces in American Gold Eagles, 1.083 million ounces in American Silver Eagles, and 6,500 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 | Last Week | August | September | October | November | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 15,500 | 78,000 | 27,500 | 97,000 | 22,500 | 891,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 3,000 | 2,000 | 13,000 | 7,000 | 4,000 | 99,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 6,000 | 2,000 | 30,000 | 18,000 | 10,000 | 192,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 45,000 | 150,000 | 40,000 | 30,000 | 45,000 | 650,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 6,500 | 19,500 | 18,500 | 36,500 | 10,000 | 377,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 1,083,000 | 3,124,000 | 2,970,000 | 3,938,000 | 1,439,000 | 23,286,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 0 | 12,700 |
