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)
WednesdayLast WeekThis WeekJanuaryFebruaryMarch2022 Sales
$50 American Eagle 1 Oz Gold Coin027,50025,000123,50086,00033,500243,000
$25 American Eagle 1/2 Oz Gold Coin00045,0000045,000
$10 American Eagle 1/4 Oz Gold Coin006,00064,0004,0006,00074,000
$5 American Eagle 1/10 Oz Gold Coin0020,000195,00025,00020,000240,000
$50 American Buffalo 1 Oz Gold Coin011,50010,50061,50028,500*15,500105,500
$1 American Eagle 1 Oz Silver Coin00482,0005,001,0001,500,000482,0006,983,000
$100 American Eagle 1 Oz Platinum Coin04,7002,500N/A25,8007,20033,000
$25 American Eagle 1 Oz Palladium Coin0000000
Tuskegee Airmen 5 oz Silver Coin0000000

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