Gold prices continued higher Tuesday, closing at a new 10-week high and marking the 11th gain in 12 sessions.
Gold for August delivery added $2.90, or 0.2%, to settle at $1,321.30 an ounce on the Comex division of the New York Mercantile Exchange. The closing price remains the highest since April 14 when gold ended at $1,327.60 an ounce.
"It is Iraq and the Middle East which is the key reason for the rise in gold," MarketWatch quoted Chintan Karnani, chief market analyst at New Delhi-based Insignia Consultants. But there are "still huge short positions in gold and silver," he said. "Some of the investors have started exiting their short-term sell positions in gold and silver as there are no signs of a reversal at the moment."
Gold prices traded from a low of $1,314.50 to a high of $1,326.60.
Silver for July delivery advanced 13 cents, or 0.6%, to $21.04 an ounce, ranging from $20.81 to $21.17.
In rounding out the precious metals complex:
July platinum turned up $15.30, or 1.1%, to $1,471.90 an ounce, trading between $1,450.40 and $1,476.
- Palladium for September delivery rose $7.75, or 0.9%, to $830.40 an ounce, ranging from $819.45 to $834.65.
London Fix Precious Metals
Earlier fixed London precious metals advanced as well. In contrasting London bullion fix prices from Monday PM to Tuesday PM:
- Gold gained $5, or 0.4%, to $1,318.50 an ounce,
- Silver tacked on 37 cents, or 1.8%, to $21.12 an ounce,
- Platinum rose $16, or 1.1%, to $1,469 an ounce, and
- Palladium added $11, or 1.3%, to $828 an ounce
US Mint Bullion Sales in June
United States Mint bullion sales were unchanged Tuesday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, this week so far, last month, the month-to-date, and the year-to-date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Tuesday Sales||Sales Last Week Sales||Week-To-Date Sales||May Sales||June Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||0||0||0||1,000||700||12,900|
|$50 American Gold Eagle Bullion Coins||0||11,500||3,500||29,000||32,500||188,000|
|$25 American Gold Eagle Bullion Coins||0||0||0||3,000||0||25,000|
|$10 American Gold Eagle Bullion Coins||0||2,000||0||6,000||2,000||70,000|
|$5 American Gold Eagle Bullion Coins||0||5,000||0||35,000||20,000||345,000|
|$50 American Buffalo Gold Bullion Coins||0||6,500||0||12,500||12,000||107,500|
|$1 American Eagle Silver Bullion Coins||0||580,000||0||3,988,500||1,925,000||23,361,500|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||0||1,000||4,000||2,000||29,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||0||400||19,500||900||20,000|
|Arches National Park 5 Oz Silver Bullion Coins||0||2,800||2,000||N/A||18,300||18,300|