Gold prices rose for a third straight session Wednesday, logging a fresh six-week high. Other metals also climbed. Silver scored its own six-week settlement high, and palladium posted its best finish since late April.
Gold for December delivery edged up $1.40, or 0.08%, to settle at $1,813.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s highest since June 29.
"Gold and silver prices are modestly up in midday U.S. trading Wednesday, in the wake of a U.S. inflation report that came in not as hot as the marketplace expected," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
The Labor Department reported Wednesday that consumer prices were unchanged in July after rising 1.3% in June, resulting in year-over-year inflation of 8.5% from 9.1%. Gold initially registered stronger gains following the inflation news, but then gave much of them back.
"After having a bit of time to think about today’s CPI data, traders and investors reckoned that while the data was a bit tamer, it still suggests problematic price inflation that will probably keep the Federal Reserve on its aggressive path of tightening U.S. monetary policy," Wyckoff added.
Gold futures traded between $1,803.30 and $1,824.60. They rose 0.4% on Tuesday and they gained 0.8% on Monday.
Silver for September delivery added 26 cents, or 1.3%, to end at $20.742 an ounce. Like for gold, the settlement was silver’s best since June 29. Silver futures ranged from $20.48 and $20.97. They shed 0.6% on Tuesday and they jumped 3.9% on Monday.
In PGM futures on Wednesday:
-
October platinum added $13.10, or 1.4%, to $946.10 an ounce, trading between $924.90 and $949.50.
- Palladium for September delivery finished up $27.10, or 1.2%, to $2,245.90 an ounce, ranging from $2,187 to $2,265. The close was palladium’s strongest since April 29.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged for a second day in a row on Wednesday after showing gains on Monday for the first time this month.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Wednesday | May | June | July | This Week / August | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 164,500 | 31,000 | 59,500 | 21,000 | 706,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 7,000 | 6,000 | 5,000 | 1,000 | 72,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 8,000 | 18,000 | 2,000 | 2,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 50,000 | 135,000 | 20,000 | 15,000 | 540,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 56,000 | 21,500 | 39,500 | 6,500 | 305,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 1,350,000 | 925,000 | 850,000 | 408,000 | 11,964,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 23,500 | 15,500 | 1,000 | 80,000 |
Gold is hanging on. Silver is up as well.
Just follow the yellow brick road.
The par excellence one.
Lions, and tigers, and bears, oh my!
You are on a roll, today. I am still laughing!
Jeff, would that be a Kaiser Roll?
You didn’t make me laugh, but it was a still a good one. You did make me groan!