The prices of precious metals dropped in unison for a second consecutive day on Tuesday, with losses varying from a modest 0.3% for gold to a hefty 4.1% for palladium.
Gold for February delivery gave back $5.90 to settle at $2,036.30 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are lower in midday U.S. trading Tuesday, on follow-through technical selling following big losses suffered Monday," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
"Monday’s price action in gold and silver suggests the bulls quickly became exhausted and that near-term market peaks are in place."
Gold futures traded between $2,027.60 and $2,059.60. On Monday, they dropped by 2.3%. On Friday, they settled at an all-time high of $2,089.70 an ounce.
Down for a second day following six straight gains, silver for March delivery declined by 36.1 cents, or 1.5%, closing at $24.546 an ounce. Silver futures ranged from $24.32 to $25.02. They fell by 3.7% on Monday, following their highest settlement since May 9 on Friday.
In other precious metals prices on Tuesday:
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January platinum ended down $18.50, or 2%, to $906.60 an ounce, trading between $899.50 and $926.50.
- Falling for a sixth session, palladium for March delivery sank $40.40 to $940.30 an ounce, ranging from $926.50 to $987.50.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Wednesday, Nov. 29, and those gains were the third for this month. Advances included 15,500 ounces in American Gold Eagles, 939,000 ounces in American Silver Eagles, and 1,500 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 | Last Week | August | September | October | November | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 12,500 | 78,000 | 27,500 | 97,000 | 35,000 | 904,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 2,000 | 2,000 | 13,000 | 7,000 | 6,000 | 101,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 4,000 | 2,000 | 30,000 | 18,000 | 14,000 | 196,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 150,000 | 40,000 | 30,000 | 55,000 | 660,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 1,500 | 19,500 | 18,500 | 36,500 | 11,500 | 379,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 939,000 | 3,124,000 | 2,970,000 | 3,938,000 | 2,378,000 | 24,225,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 0 | 12,700 |
