Gold declined modestly for a second day Tuesday. Volume was again light as investors await the results of the monthly FOMC policy meeting.
"Gold is fairly priced at $1,620, $1,630 an ounce … and everyone is waiting to see what the Federal Reserve is going to say," MarketWatch quoted James Cordier, a portfolio manager with Optionsellers.com in Florida.
Gold prices for August delivery declined $3.80, or 0.2%, to settle at $1,623.20 an ounce on the Comex in New York. Prices moved between intraday ranges of $1,618.10 and $1,634.30. The Fed will release its policy statement on Wednesday.
“Gold has shown itself to be very sensitive to shifts in expectations of U.S. monetary policy. If the Fed states that it is prepared to ease policy further if the economy should weaken, this may be sufficient to support gold prices,” Reuters quoted James Steel, chief commodity analyst at HSBC.
In other New York futures on Tuesday:
Silver prices for July delivery settled down 30.3 cents, or 1.1%, to $28.368 an ounce. Silver traded between $28.270 and $28.900.
Platinum prices for July delivery closed to $1,484.10 an ounce, falling $3.60 or 0.2%. Platinum ranged from a low of $1,478.00 to a high of $1,492.60.
- Palladium prices for September delivery declined $3.75, or 0.6%, to $629.40 an ounce, trading between $625.40 and $635.90.
London Precious Metals
Earlier fixed London precious metals moved opposite of later futures closings in New York. When comparing the latest London PM fixings:
- Gold added $10.00, or 0.6%, to $1,625.50 an ounce,
- Silver advanced 38.0 cents, or 1.3%, to $28.81 an ounce,
- Platinum gained $2.00, or 0.1%, to $1,486.00 an ounce, and
- Palladium tacked on $6.00, or 1.0%, to $634.00 an ounce
Sales of U.S. Mint Bullion Coins
Each of the U.S. Mint’s major bullion coins advanced Tuesday. The Silver Eagle gained the most with a sales increase of 338,500, and that lifted the 99.9% fine silver coin over the 16 million milestone for the year. Its monthly total also moved past April and February. The bureau also sold 1,300 more of its five ounce America the Beautiful Silver Coins.
In gold bullion, U.S. Mint sales of the 24-karat Gold Buffalo went up 500 and its one-ounce, 22-karat Gold Eagle advanced 3,500.
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 Coins|
|Daily Gains||June Gains||YTD 2012|
|$50 American Eagle Gold Coins||3,500||24,000||254,000|
|$25 American Eagle Gold Coins||0||1,000||55,000|
|$10 American Eagle Gold Coins||0||2,000||48,000|
|$5 American Eagle Gold Coins||0||5,000||155,000|
|$50 American Buffalo Gold Coins||500||5,000||70,000|
|American Eagle Silver Coins||338,500||1,700,000||16,234,000|
|Sales of America the Beautiful 5 Oz. Bullion Silver Coins|
|Daily Gains||June Gains||All-Time Total|
|2012 El Yunque National Forest 5 oz. Bullion Silver Coins||1,300||4,300||9,700|
|2011 Olympic National Park 5 oz. Bullion Silver Coins||0||0||85,200|
|2011 Vicksburg National Military Park 5 oz. Bullion Silver Coins||0||200||38,600|
|2011 Chickasaw Park 5 oz. Bullion Silver Coins||0||0||28,900|
Above sales of U.S. Mint bullion coins are in coin totals, not the amount of ounces sold.