Gold, silver and palladium notched gains Thursday for a fourth straight session. Platinum was also higher after inching lower Wednesday.
Gold for August delivery surged $32.50, or 2.6%, to close at $1,279.90 an ounce on the Comex in New York. The settlement price was the highest since June 21 when gold closed at $1,292.00 an ounce. The yellow metal bracketed intraday prices of $1,262.10 and $1,297.20.
"Sentiment will now be to the upside, and the market will be looking for an attempt on $1,300," David Govett, head of precious metals at Marex Spectron Group in London, said today in a report according to Bloomberg News.
Commodities advanced on another day of dollar weakness following bullish-taken minutes from the last FOMC meeting and comments from Federal Reserve Chairman Ben Bernanke reiterating that interest rates would stay low until the unemployment rate dropped from its current 7.6% to 6.5%.
"If the dollar breakdown continues, it will be a sign that the market believes the chairman has again lost control over policy," MarketWatch quoted Mike O’Rourke, chief market strategist at JonesTrading. And "the asset clearly in the best position in such an environment is gold."
Silver logged the strongest improvement in major metals, up 4.1%. Silver for September delivery soared 79.1 cents to end at $19.96 an ounce, ranging from $19.43 to $20.25.
PGMs were higher as well. In their daily breakdowns:
After dipping 50 cents in the prior session, October platinum gained $39.50, or 2.9%, to settle at $1,407.60 an ounce. Platinum traded between $1,376.20 and $1,413.50.
- Posting the biggest gains among precious metals on Tuesday, palladium was the weakest performer on Wednesday with its 0.6% increase. Palladium for September delivery climbed $4.40 to close at $718.20 an ounce. Prices ranged from $715.20 to $731.85.
London Fix Precious Metals
London precious metals all advanced for a second consecutive day. When comparing the Wednesday PM to Thursday PM London fixings:
- Gold added $29, or 2.3%, to $1,285 an ounce,
- Silver rose 48 cents, or 2.5%, to $19.85 an ounce,
- Platinum advanced $31, or 2.3%, to $1,401 an ounce, and
- Palladium tacked on $13.50, or 1.9%, to $723.50 an ounce
US Bullion Coin Sales in July
Sales totals for U.S. Mint bullion products were unchanged Thursday, for a second day, after robust gains on Tuesday. The following are daily, July and year-to-date bullion coin totals as published by the U.S. Mint on its website.
|American Eagle and Buffalo Bullion Coin Sales|
|Thursday Sales||Last Week||Week-To-Date Sales||July Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||15,000||1,500||16,500||561,000|
|$25 American Eagle Gold Bullion Coins||0||4,000||0||4,000||47,000|
|$10 American Eagle Gold Bullion Coins||0||2,000||2,000||4,000||90,000|
|$5 American Eagle Gold Bullion Coins||0||15,000||0||15,000||430,000|
|$50 American Buffalo Gold Bullion Coins||0||5,500||3,500||9,000||170,500|
|White Mountain 5 oz. Silver Bullion Coins||0||1,000||800||1,800||28,800|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||1,000||1,900||2,9000||17,100|
|Great Basin 5 oz. Silver Bullion Coins||0||4,300||500||4,800||14,700|
|American Silver Eagle Bullion Coins||0||826,000||822,000||1,648,000||26,691,500|
Figures above are in the number of coins sold, not in ounces.