U.S. gold prices edged 0.5 percent higher Monday, lifted by fund buying and safe-haven appeal amid new concerns over European debt woes and tensions on the Korean peninsula, opined analysts.
"Fresh fund-originated buying was noted in the wake of the aforementioned EU debt situation and Korean peninsula-inflated jitters," wrote Jon Nadler, senior analyst at Kitco Metals Inc.
"You still have currency volatility and European-debt problems are simmering, so gold is still a viable asset," Frank Lesh, a trader at FuturePath Trading in Chicago, was quoted on Bloomberg.
Other precious metals rose as well. Silver and palladium each added 0.8 percent while platinum advanced 0.7 percent.
New York closing prices follow:
- Gold prices for February delivery rose $6.90 to $1,386.10 an ounce on the Comex in New York. Prices ranged from $1,376.60 to $1,388.90.
- March silver prices gained 22.2 cents to settle at $29.355 an ounce. They ranged from $28.810 to $29.495.
- Platinum prices for January delivery climbed $12.20 to $1,710.70 an ounce. Platinum ranged between $1,698.40 and $1,711.10.
- Palladium prices for March delivery advanced $6.15 to close at $744.75 an ounce. They ranged from $736.35 to $749.90.
In PM London bullion prices, the benchmark gold fixing was $1,380.00 an ounce which was a gain of $11.50 from Friday. Silver rose 43.0 cents from the previous fixing to $29.210. Platinum was $1,704.00 an ounce, up $8.00. Palladium was $747.00 for an increase of $9.00.
One-ounce American Eagle bullion coins advanced on Monday. Sales of the Silver Eagles had been stuck since an increase exactly one week ago. Gold Eagles had been in neutral since Thursday. The .999 fine silver coins rose 325,000. The 22-karat gold coins climbed 8,500. Their latest sales figures totals follow:
|U.S. Mint 2010 Bullion Coin Sales|
|American Eagle Gold Coin (1 oz)||51,000||1,135,500|
|American Eagle Gold Coin (1/2 oz)||0||45,000|
|American Eagle Gold Coin (1/4 oz)||0||60,000|
|American Eagle Gold Coin (1/10 oz)||5,000||390,000|
|American Buffalo Coin (1 oz)||Sold Out||209,000|
|American Eagle Silver (1 oz)||1,747,000||34,637,500|
December sales have an "as of date" of December 20.