Gold on Tuesday rose for a third straight session and silver for its second as safe-haven demand broadened.
"Spain, Italy and Greece are the three reasons why gold should become more attractive because there is a lot of fear out there about what could happen next," Reuters quoted Bill O’Neill, partner of LOGIC Advisors, a commodities-focused wealth manager.
Gold prices for August delivery closed to $1,613.80 an ounce on the Comex in New York, gaining $17.00 or 1.1%. Gold traded between an intraday low of $1,586.40 and a high of $1,618.90. Stimulus expectations were also cited as a reason for gains in gold.
"The market is expecting more stimulus, and that is supportive of gold," Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview that was recounted on Bloomberg.
In other precious metals closings on Tuesday:
Silver prices for July delivery settled up 33.3 cents to $28.949 an ounce, traversing through the day between $28.315 and $29.050.
Platinum prices for July delivery closed at $1,454.40 an ounce, up $5.10 or 0.4%. Platinum ranged from $1,423.90 to $1,456.70.
- Palladium was the lone precious metal to slip on the day, albeit modestly. Palladium prices for September delivery declined 90.0 cents, or 0.1%, to $624.25 an ounce, trading between $615.05 and $626.25.
London Precious Metal
Earlier fixed London precious metals were mixed. When comparing the most recent London PM fixings:
- Gold added $19.50, or 1.2%, to $1,603.50 an ounce,
- Silver lost 9.0 cents, or 0.3%, to $28.54 an ounce,
- Platinum slipped $9.00, or 0.6%, to $1,443.00 an ounce, and
- Palladium climbed $1.00, or 0.2%, to $624.00 an ounce
Sales of U.S. Mint Bullion Coins
Sales increased Tuesday for the U.S. Mint’s two most popular bullion coins. The American Silver Eagle rose 25,000 and the one-ounce American Gold Eagle added 2,000. The following are the latest daily, June and year-to-date bullion coin sales totals as published by the U.S. Mint.
|Sales of US Mint American Eagle and Buffalo Bullion Coin|
|Daily Gains||June Gains||YTD 2012|
|American Gold Eagle Coins (1 oz.)||2,000||15,000||245,00|
|American Gold Eagle Coins (1/2 oz.)||0||1,000||55,000|
|American Gold Eagle Coins (1/4 oz.)||0||0||46,000|
|American Gold Eagle Coins (1/10 oz.)||0||5,000||155,000|
|American Gold Buffalo Coins (1 oz.)||0||2,000||67,000|
|American Silver Eagle Coins||25,000||921,500||15,455,500|
|Sales of America the Beautiful 5 Oz. Silver Bullion Coins|
|Daily Gains||June Gains||All-Time Total|
|2012 El Yunque National Forest 5 oz. Silver Bullion Coins||0||1,500||6,900|
|2011 Olympic National Park 5 oz. Silver Bullion Coins||0||0||85,200|
|2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins||0||200||38,600|
|2011 Chickasaw Park 5 oz. Silver Bullion Coins||0||0||28,900|
U.S. Mint figures above are in coin totals, not the amount of ounces sold.