Precious metals bounced Thursday, led by a 5.6% increase in palladium. Gains in gold and silver were much more modest, after the pair ended the prior day at multi-week lows.
Gold for April delivery rose $6.50, or 0.4%, to settle at $1,851.80 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices are moderately up and silver slightly higher in midday U.S. trading Thursday, in the aftermath of a U.S. inflation report that came in hot. Gold and silver traders may reckon that recent sell offs have already factored into the metals’ prices the fact the Federal Reserve will have to remain hawkish for longer on U.S. monetary policy," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
The U.S. Labor Department reported Thursday that producer prices increased 0.7% in January from a revised 0.2% decline in December, while jumping 6% year-on-year. On Tuesday, the government agency reported that consumer prices rose 0.5% in January from 0.1% in December, while year-on-year inflation increased 6.4%.
Gold futures traded between $1,836.60 and $1,854.90. They dropped 1.1% on Wednesday, posting their lowest settlement since Jan. 5, they rose 0.1% on Tuesday, and they lost 0.6% on Monday.
Silver for March delivery added 13.8 cents, or 0.6%, to end at $21.71 an ounce. Silver futures traded between $21.40 and $21.79. They fell 1.4% on Wednesday, registering their lowest settlement since Nov. 29, they gained 0.1% on Tuesday, and they fell 1% on Monday.
In other precious metals prices on Thursday:
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April platinum advanced $13.20, or 1.4%, to $931 an ounce, ranging from $909 to $933.50.
- Palladium for March delivery soared $81.20 to $1,525.70 an ounce, trading between $1,432.50 and $1,530.
US Mint Bullion Sales in 2023
Published United States Mint bullion sales have been unchanged this week. 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) | ||||
|---|---|---|---|---|
| January Sales | Last Week | February | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 118,000 | 9,000 | 9,000 | 127,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 37,000 | 1,000 | 1,000 | 38,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 62,000 | 2,000 | 2,000 | 64,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 115,000 | 65,000 | 65,000 | 180,000 |
| $50 American Buffalo 1 Oz Gold Coin | 59,000 | 5,000 | 5,000 | 64,000 |
| $1 American Eagle 1 Oz Silver Coin | 3,949,000 | 450,000 | 450,000 | 4,399,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 |
