Following the release of U.S. inflation data for June, precious metals registered sharp gains on Wednesday. The metals reached settlement highs, ranging from over two weeks for palladium to nearly five weeks for silver.
Gold for August delivery advanced by $24.60, or 1.3%, to settle at $1,961.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s highest since June 16.
Gold and silver prices gained "in the aftermath of a morning U.S. inflation report that came in a bit tamer than market expectations," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Earlier Wednesday, the U.S. Labor Department reported that consumer prices increased last month by 0.2%, up some from May’s increase of 0.1%. Annual inflation slowed in June to 3% from 4%, the lowest rate in more than two years.
On the day, gold futures traded between $1,937.50 and $1,965.10. They rose by 0.3% on Tuesday and they dipped 0.08% on Monday.
Meanwhile, silver for September soared by $1.03, or 4.4%, to end at $24.31 an ounce. The close was the best since June 9. Silver futures ranged from $23.31 to $24.38. They fell by 0.3% on Tuesday and they gained 0.2% on Monday.
In PGM future prices on Wednesday:
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October platinum added $24.20, or 2.6%, to $956.60 an ounce, trading between $931.30 and $964. Platinum’s finish was its highest since June 20.
- Palladium for September delivery added $31.90, or 2.6%, to $1,279.80 an ounce, ranging from $1,239 to $1,296.50. The close was palladium’s best since June 27.
US Mint Bullion Sales in 2023
On Tuesday, the U.S. Mint reported the first bullion sales gains for the month and published updated figures for June. However, on Wednesday, no additions were noted.
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) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Wednesday | Last Week | Week / July | March | April | May | June | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 12,000 | 211,000 | 159,500 | 60,500 | 35,000 | 637,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 1,000 | 8,000 | 18,000 | 1,000 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 10,000 | 12,000 | 32,000 | 4,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 10,000 | 35,000 | 80,000 | 60,000 | 385,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 2,500 | 73,000 | 61,000 | 47,000 | 17,000 | 279,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 414,000 | 900,000 | 900,000 | 1,593,000 | 1,482,000 | 10,138,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 7,500 | 500 | 1,200 | 3,500 | 12,700 |
