Precious metals divided Tuesday, with gold and palladium rising and silver and platinum falling. Gold ended near a three-week high, a day before U.S. inflation data for June is released.
Gold for August delivery tacked on $6.10, or 0.3%, to settle at $1,937.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since June 21.
"If we have a soft inflation reading, it will be positive for gold and prices might go up to $1,950. I think it will be tough for gold to break below $1,900 level on a hot report," Reuters quoted Edward Moya, senior market analyst at OANDA.
"Rate hikes are not going to break gold’s back, but it might kill the economy. So there is some support for gold due to this reason."
Gold futures traded between $1,929.80 and $1,944.50. They dipped 0.08% on Monday.
Silver for September fell by 6.4 cents, or 0.3%, to settle at $23.281 an ounce. Silver futures ranged from $23.22 to $23.60. They gained 0.2% on Monday.
In other precious metals prices on Tuesday:
-
October platinum shed $2.40, or 0.3%, to $932.40 an ounce, trading between $928.10 and $943.50.
- Palladium for September delivery increased by $11.20, or 0.9%, to $1,247.90 an ounce, ranging from $1,213 to $1,253.50.
US Mint Bullion Sales in 2023
On Tuesday, the U.S. Mint reported the first bullion sales gains for the month, and also published updated figures for June. 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 / July | Last Week | March | April | May | June | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 12,000 | 0 | 211,000 | 159,500 | 60,500 | 35,000 | 637,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 8,000 | 18,000 | 1,000 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 10,000 | 12,000 | 32,000 | 4,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 10,000 | 35,000 | 80,000 | 60,000 | 385,000 |
| $50 American Buffalo 1 Oz Gold Coin | 2,500 | 0 | 73,000 | 61,000 | 47,000 | 17,000 | 279,000 |
| $1 American Eagle 1 Oz Silver Coin | 414,000 | 0 | 900,000 | 900,000 | 1,593,000 | 1,482,000 | 10,138,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 7,500 | 500 | 1,200 | 3,500 | 12,700 |
The precious metals are all popping up a lot today, Wednesday, July 12 on USA inflation data.
NumisdudeTX