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gold retreats; Palladium hits over 4.5 month high

Palladium closed at its best price since September 7th

Gold and silver prices fell on Wednesday while platinum and palladium rose. Palladium’s win was the seventh in a row. The metal also posted its highest settlement since early September.

gold for February, the supply lost $22.80 or 1.2% to end at $1,829.70 per ounce on the Comex division of the New York Mercantile Exchange.

“Bulls still have the short-term overall technical advantage. Prices are in a six week old uptrend on the daily bar chart. The bulls’ next target is a close above solid resistance at the November high of $1,881.90. Bears The next short-term price target on the downside is to push futures prices below solid technical support at $1,800.00,” said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily research note.

Gold futures ranged from a low of $1,822.80 to a high of $1,850.20. They were up 0.6% on Tuesday, marking their best deal since November 18. Gold prices rose 0.5% on Monday.

silver 8.9 cents or 0.4% are charged for delivery in March $23,807 an ounce. Silver futures traded between $23.62 and $24.03. They gained 0.4% on Tuesday and lost 2.1% on Monday.

In PGM futures on Wednesday:

  • April platinum $20.40 or 2% added $1,045.90 per ounce, ranging from $1,024.40 to $1,064.60.

  • palladium for March delivery rose by $161.70, or 7.4% $2,350.60 per ounce, which is trading between $2,173 and $2,380. The comparison was the highest since Sept. 7, when palladium ended at $2,353.50 an ounce.

“The geopolitical drama with Russia is raising serious concerns about future palladium supplies,” MarketWatch quoted Chris Blasi, President of Neptune Global as saying.

“A full-scale conflict with Russia would exacerbate an already critical supply problem in the palladium space” and likely “push palladium well past $4,000 an ounce,” he said.

US Mint Bullion Sales in 2022

The United States Mint’s published bullion sales were unchanged on Wednesday. Below is a breakdown of US Mint bullion product sales with columns detailing the number of coins sold over different time periods.

US Mint Bullion Sales (number of coins)
Wednesday Last week In this week December Sale 2021 Sale 2022
$50 American Eagle 1 ounce gold coin 0 0 22,500 41,000 1,115,500 110,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 1,000 95,000 45,000
$10 American Eagle 1/4 oz gold coin 0 0 10,000 2,000 162,000 62,000
$5 American Eagle 1/10 oz gold coin 0 0 30,000 0 490,000 180,000
American Buffalo $50 1 ounce gold coin 0 0 11,000 10,500 350,500 53,000
$1 American Eagle 1 ounce silver coin 0 0 1,000,000 0 28,275,000 4,501,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 75,000 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 8,700 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 52,900 0

Article Source : https://www.coinnews.net/2022/01/26/gold-retreats-palladium-scores-over-4-5-month-high/

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