Prices for precious metals split on Tuesday amid U.S. inflation data, with platinum and palladium recording solid gains, and gold and silver inching lower.
Gold for February delivery edged down 50 cents, or 0.03%, to settle at $1,993.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Nov. 22. Gold futures traded between $1,992.30 and $2,012.50. They fell by 1% on Monday.
"Both metals [gold and silver] modestly extended overnight gains and hit session highs following a morning U.S. inflation report that was in line with expectations. However, prices have backed down from daily highs on position evening as the U.S. central bank will provide an update on its monetary policy Wednesday afternoon," 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 climbed by 0.1% in November, after being unchanged in October, while annual inflation slowed to 3.1% from 3.2%.
Down for a seventh session following six consecutive gains, silver for March delivery dipped by 4.2 cents, or 0.2%, ending at $23.016 an ounce. The settlement was the lowest since Nov. 13. Silver futures ranged from $22.97 to $23.45. On Monday, they shed 0.9%.
In other precious metals prices on Tuesday:
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January platinum added $15.30, or 1.7%, to $931 an ounce, trading between $912.50 and $932.60.
- Palladium for March delivery increased by $17.50, or 1.8%, to $982.30 an ounce, with prices ranging from $962.50 to $994.50.
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 | 0 | 78,000 | 27,500 | 97,000 | 35,000 | 904,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 2,000 | 13,000 | 7,000 | 6,000 | 101,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 2,000 | 30,000 | 18,000 | 14,000 | 196,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 150,000 | 40,000 | 30,000 | 55,000 | 660,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 19,500 | 18,500 | 36,500 | 11,500 | 379,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 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 |
