Gold Posts Gain, Boosted by Inflation Data


Gold, silver and platinum gained in the mid-week trading session Wednesday, while palladium declined.

Gold for June delivery rose $12.70, or 0.7%, to settle at $1,853.70 an ounce on the Comex division of the New York Mercantile Exchange.

“Gold and silver prices are posting moderate gains near midday Wednesday, boosted by friendly outside markets that include a weaker U.S. dollar index and solid gains in crude oil prices,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.” Another hot U.S. inflation report that is seen as problematic for consumers and the economy is also longer-term friendly for the metals markets.”

The Labor Department reported Wednesday that consumer prices increased 0.3% in April from 1.2% in March, resulting in an annual inflation rate of 8.3% — still near 40-year highs.

“Today’s inflation report proves that Fed Chair Powell made a mistake last week when he removed the option of a 75-basis point rate hike at the next policy meeting,” Edward Moya, senior market analyst at Oanda, wrote in a note reported by MarketWatch. “The overall takeaway for much of Wall Street however is that the Fed is still poised to deliver consecutive half-point rate increases at the June and July FOMC meetings.”

On the day, gold futures ranged from $1,830.60 to $1,857.80. They declined 1% on Tuesday, for their lowest settlement since Feb. 10, and they fell 1.3% on Monday.

Meanwhile, silver for July delivery added 15.1 cents, or 0.7%, to end at $21.575 an ounce. Silver futures traded between $21.20 and $21.97. They lost 1.8% on Tuesday, for their lowest settlement since July 20, 2020, and they dropped 2.5% on Monday.

In PGM futures on Wednesday:

  • July platinum tacked on $42.60, or 4.5%, to $989.80 an ounce, ranging from $942.80 to $991.70.

  • Palladium for June delivery declined $35.80, or 1.8%, to $2,007.90 an ounce, trading between $1,997.50 and $2,075.50.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged on 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 March April May 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 36,000 0 140,500 80,500 36,000 466,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 5,000 3,000 1,000 54,000
$10 American Eagle 1/4 Oz Gold Coin 0 4,000 0 20,000 14,000 4,000 106,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 50,000 75,000 25,000 50,000 370,000
$50 American Buffalo 1 Oz Gold Coin 0 16,500 0 64,500 27,500 16,500 198,500
$1 American Eagle 1 Oz Silver Coin 0 425,000 0 1,080,500 850,000 425,000 8,856,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 14,200 0 0 40,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0 0

 



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Deb Morgan has been a coin collector since she was young. She loves researching and reporting news about the numismatic community, and also about bullion coins, including silver, gold, platinum and palladium.

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