Precious metals rallied Monday, which each scoring settlement highs that nearly reached three weeks for palladium and six weeks for both gold and platinum.
Gold for April delivery rose $49.30, or 2.6%, to settle at $1,916.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Feb. 2.
"The future of gold prices largely depends on whether the Fed’s measures prove effective. If the Silicon Valley Bank’s (SVB) bankruptcy is deemed an isolated incident, gold may lose some of its recent gains," Reuters quoted Alexander Zumpfe, a precious metals dealer at Heraeus.
"However, if the crisis leads to a sustained reversal in the Fed’s policy, gold may remain in demand."
Gold futures traded between $1,875.70 and $1,918.30. They advanced 0.7% last week.
Meanwhile, silver for May delivery soared $1.42, or 6.9%, to end at $21.923 an ounce. The close was the highest since Feb. 10. Silver futures ranged from $20.64 to $22.05. They fell 3.5% last week.
In other precious metals prices on Monday:
-
April platinum advanced $42.70, or 4.4%, to $1,004.90 an ounce, trading between $960.40 and $1,012. Like for gold, the settlement was the highest since Feb. 2.
- Palladium for June delivery jumped $114.40, or 8.4%, to $1,476.70 an ounce, ranging from $1,363 to $1,485. The finish was the highest since Feb. 22. As recently as Wednesday, palladium at $1,363.10 an ounce logged its lowest settlement since June 7, 2019.
Last week, platinum lost 1.8% and palladium plunged 6%.
US Mint Bullion Sales in 2023
Published United States Mint bullion sales were unchanged on Monday. 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) | ||||||
|---|---|---|---|---|---|---|
| Monday | Last Week | January Sales | February | March | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 10,500 | 118,000 | 41,500 | 10,500 | 170,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 37,000 | 8,000 | 1,000 | 46,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 62,000 | 12,000 | 2,000 | 76,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 115,000 | 85,000 | 10,000 | 210,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 4,500 | 59,000 | 19,500 | 4,500 | 83,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 450,000 | 3,949,000 | 900,000 | 450,000 | 5,299,000 |
The precious metals are experiencing a genuine flight to safety. Are you experienced?