Three of four major precious metals declined on Thursday — gold, silver and palladium, though gold and silver barely fell. Losses in silver and palladium were their fifth in a row.
Gold for December delivery edged down 50 cents, or 0.03%, to settle at $1,677 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are modestly lower in midday U.S. trading Thursday but have made a solid rebound from early-morning losses following another hot U.S. inflation report. Strong losses in the U.S. dollar index and higher crude oil prices today are working in favor of the precious metals market bulls," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
The U.S. Labor Department reported Thursday that consumer prices rose 0.4% in September after advancing 0.1% in August, resulting in year-over-year inflation of 8.2% from 8.3%. Core inflation, which strips food and energy, advanced 0.6% for a second straight month and increased 6.6% from a year ago — the largest gain in 40 years — compared to the previous 6.3% increase.
Gold futures traded between $1,648.30 and $1,688.90. They shed 0.5% on Wednesday, they rose 0.6% on Tuesday, and they dropped 2% on Monday, marking their lowest finish since Sept. 30.
Silver for December delivery dipped 2 cents, or 0.1% to settle at $18.918 an ounce. The close was silver’s weakest since Sept. 29. Silver futures ranged from $18.41 to $19.29. They fell 2.8% on Wednesday, they declined 0.7% on Tuesday, and they plunged 3.2% on Monday
In other precious metals futures prices on Thursday:
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January platinum tacked on $15.40, or 1.8%, to $896.40 an ounce, trading between $861.90 and $903.10. On Wednesday, platinum ended at its lowest price since Sept. 30.
- Palladium for December delivery fell $19.20, or 0.9%, to $2,117.20 an ounce, ranging from $2,012 to $2,160. The finish was palladium’s worst since Sept. 27.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged on Thursday. 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) | |||||||
|---|---|---|---|---|---|---|---|
| Thursday | June | July | August | September | October | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 31,000 | 59,500 | 47,500 | 47,500 | 0 | 780,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 6,000 | 5,000 | 2,000 | 0 | 0 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 18,000 | 2,000 | 4,000 | 4,000 | 0 | 138,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 135,000 | 20,000 | 20,000 | 15,000 | 0 | 560,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 21,500 | 39,500 | 22,500 | 44,500 | 21,500 | 387,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 925,000 | 850,000 | 850,000 | 833,000 | 0 | 13,239,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 23,500 | 15,500 | 1,000 | 0 | 0 | 80,000 |
