Gold and Silver Hit 1- and 4-Month Lows Amid Inflation Data


Precious metals posted sharp losses on Tuesday, ranging from 1.3% for gold to 4% for palladium, pressured by another round of higher-than-anticipated U.S. inflation data. In notables, silver ended just above a four-month low, while gold finished near a one-month low.

Gold for April delivery fell by $25.80 to settle at $2,007.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Jan. 17 when gold ended at $2,006.50 an ounce.

"That was not the report that the market wanted to see," Reuters quoted Tai Wong, a New York-based independent metals analyst. "Fed doves are looking for shelter today as surprisingly stubborn inflation has dropped the chances of a May rate cut under 50% for the moment," Wong added.

Earlier on Tuesday, the U.S. Labor Department reported that consumer prices increased by 0.3% in January, after moving 0.2% higher in December, while annual inflation rose to 3.1% from 3.4%. Markets were expecting a gain of 0.2% for the month and a rise of 2.9% on a year-on-year.

On the day, gold futures traded between $2,002.80 and $2,047.30. They shed 0.3% on Monday.

Meanwhile, silver for March delivery sank 61.3 cents, or 2.7%, to close at $22.154 an ounce. The settlement was the lowest since Oct. 12 when silver settled at $21.959 an ounce. Silver futures ranged from $22.05 to $23.05. On Monday, they rose by 0.8%.

In other precious metals prices on Tuesday:

  • April platinum gave back $18.20, or 2%, to $878.90 an ounce, trading between $874.20 and $906.80.

  • Palladium for March delivery tumbled $36.10 to $860.50 an ounce, ranging from $851.50 to $916.50.

US Mint Bullion Sales in 2024

The published U.S. Mint bullion sales last changed on Wednesday, Feb. 7, with gains including 5,000 ounces in American Gold Eagles, 850,000 ounces in American Silver Eagles, and 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 / Week Last Week / February January 2024 Sales
$50 American Eagle 1 Oz Gold Coin 0 3,000 87,500 90,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 25,000 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 46,000 46,000
$5 American Eagle 1/10 Oz Gold Coin 0 20,000 115,000 135,000
$50 American Buffalo 1 Oz Gold Coin 0 500 46,500 47,000
$1 American Eagle 1 Oz Silver Coin 0 850,000 4,900,000 5,750,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0


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Dazed and Coinfused

Stocks are crashing too thanks to inflation report. GASP. Pearl clutch even (you know you said that in a Snaggletooth voice). Gold down. Stocks down, but a strong dollar and strong leader. He’ll give em the old what for. Right corn pop and the rice Krispy gang


I little correction in the stock market isn’t a bad thing, and yesterdays market reaction was also a result of peoples expectations on the fed cutting rates (not going to happen soon.) I guess folks got too used to paying close to nothing to borrow money with the fed keeping rates a tick above 0% for so long. Now they have no other choice but to steal, I mean ’cause shrinkage.’ Personally, I like rates where they are because I get a descent return on cash in high yield vessels.