On Wednesday, for the second consecutive day, precious metals declined as a group, with losses ranging from 1.2% for gold to 2% for palladium. In notable settlement lows, silver marked its lowest level in over two months, while gold registered its lowest price since mid December.
Falling for the seventh time in eight sessions, gold for February delivery settled down $23.70 to $2,006.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Dec. 13.
"The markets are having doubts about interest rate cuts if the Fed can cut sooner than later, which is pressuring gold prices. With the dollar being strong and cuts taking time, it is hard for gold to hold a rally," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.
Gold futures traded between $2,004.60 and $2,036.10. They lost 1% in the start of the new trading week on Tuesday.
Elsewhere, silver for March delivery dropped by 42.4 cents, or 1.8%, ending at $22.669 an ounce. The settlement marked silver’s lowest since Nov. 13. Silver futures ranged from $22.66 to $23.11. Like gold, silver fell by 1% on Tuesday.
In PGM futures on Wednesday:
-
April platinum shed $14.80, or 1.6%, to $889.60 an ounce, trading between $883.20 and $906.50.
- Palladium for March delivery fell for the fifteenth time in sixteenth sessions, declining by $18.40 to $919.70 an ounce, ranging from $904.50 to $945.
US Mint Bullion Sales in 2024
On Wednesday, for the first time this week, the U.S. Mint reported bullion sales gains, including 11,500 ounces in American Gold Eagles, 846,000 ounces in American Silver Eagles, and 4,000 ounces in American Gold Buffalos.
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 / This Week | Last Week | November | December | 2023 Sales | January | |
| $50 American Eagle 1 Oz Gold Coin | 8,000 | 12,500 | 40,000 | 15,000 | 924,000 | 60,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 4,000 | 6,000 | 1,000 | 102,000 | 21,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 6,000 | 16,000 | 0 | 198,000 | 36,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 35,000 | 5,000 | 55,000 | 15,000 | 675,000 | 80,000 |
| $50 American Buffalo 1 Oz Gold Coin | 4,000 | 9,000 | 14,000 | 5,500 | 387,000 | 36,000 |
| $1 American Eagle 1 Oz Silver Coin | 846,000 | 850,000 | 2,378,000 | 525,000 | 24,750,000 | 4,875,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 12,700 | 0 |
