Precious metals declined on Wednesday. Their losses ranged from 0.6% for palladium to 4% for both silver and platinum. Gold’s decline was its first in five sessions and comes after scoring a 19-month settlement high.
Gold for April delivery dropped $55.10, or 2.7%, to settle at $1,988.20 an ounce on the Comex division of the New York Mercantile Exchange.
“Gold and silver prices are sharply down in midday U.S. trading Wednesday, on heavy profit-taking from the shorter-term futures traders after gold futures hit a record intra-day high and silver hit an eight-month high on Tuesday. Strong losses in crude oil and other commodity markets today are also helping to pressure the precious metals markets,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures ranged from $1,981 to $2,068.50. They jumped 2.4% on Tuesday to score their highest settlement since Aug. 6, 2020, and they gained 1.5% on Monday.
Silver for May delivery tumbled $1.08 to settle at $25.816 an ounce. Silver futures traded between $25.73 and $27.39. They soared 4.6% on Tuesday for their strongest finish since June 16, and they shed 0.3% on Monday.
In PGM futures on Wednesday:
- April platinum fell $45.60 to $1,107.60 an ounce, ranging from $1,088.20 to $1,197.
- Palladium for June delivery shed $18.70 to $2,949.80 an ounce, trading between $2,866 and $3,289. On Friday, palladium posted a record settlement of $2,981.90.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged Wednesday. 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)|
|Wednesday||Last Week||This Week||January||February||March||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||27,500||25,000||123,500||86,000||33,500||243,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||45,000||0||0||45,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||6,000||64,000||4,000||6,000||74,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||20,000||195,000||25,000||20,000||240,000|
|$50 American Buffalo 1 Oz Gold Coin||0||11,500||10,500||61,500||28,500*||15,500||105,500|
|$1 American Eagle 1 Oz Silver Coin||0||0||482,000||5,001,000||1,500,000||482,000||6,983,000|
|$100 American Eagle 1 Oz Platinum Coin||0||4,700||2,500||N/A||25,800||7,200||33,000|
|$25 American Eagle 1 Oz Palladium Coin||0||0||0||0||0||0||0|
|Tuskegee Airmen 5 oz Silver Coin||0||0||0||0||0||0||0|