Gold settled near a four-week high on Tuesday, buoyed by safe-haven demand. Other precious metals also advanced.
Gold for December delivery tacked on $4.30, or 0.4%, to close at $1,234.30 an ounce on the Comex division of the New York Mercantile Exchange.
"There’s worry on the economic front and with the equity markets pulling back substantially, there’s uneasiness among investors causing buying in gold," The Wall Street Journal quoted Bob Haberkorn, a senior commodities broker with RJO Futures in Chicago. "Gold is mostly a fear trade at this point."
Gold traded from $1,231.10 to $1,238.60, the highest price most since Sept. 17.
Silver for December delivery moved up nearly 6 cents, or 0.3%, to $17.40 an ounce. Prices ranged from $17.33 to $17.57.
In PGM futures on Tuesday:
January platinum rose $11.10, or 0.9%, to $1,272.30 an ounce, trading between $1,263.20 and $1,277.90.
- Palladium for December delivery gained $9.15, or 1.2%, to $795.10 an ounce, ranging from $784.35 to $797.
London Fix Precious Metals
Earlier fixed London precious metals advanced as well. In contrasting London bullion Fix prices and the LBMA Silver Price from Monday PM to Tuesday PM:
- Gold added $5.75, or 0.5%, to $1,234.75 an ounce,
- Silver rose 9 cents, or 0.5%, to $17.50,
- Platinum climbed $11, or 0.9%, to $1,268 an ounce, and
- Palladium gained $9, or 1.1%, to $793 an ounce
US Mint Bullion Coin Sales in October
United States Mint bullion coin sales climbed Tuesday for the first time this week. Increases included 7,500 ounces in gold coins and 437,500 ounces in silver coins.
Silver Eagle sales rose 430,000 on the day, jumping over the 35 million mark for the year to easily maintain the second quickest pace in the coin’s 29-year history. Sales in record year 2013 reached over 36.9 million through the same time last year.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Tuesday, last month, in October, and the year to date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Tuesday / Week-To-Date Sales||Last Week||September Sales||October Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||N/A||N/A*||2,700||400||16,700|
|$50 American Eagle Bullion Gold Coins||2,000||24,500||50,500||30,500||326,500|
|$25 American Eagle Bullion Gold Coins||0||3,000||6,000||4,000||36,000|
|$10 American Eagle Bullion Gold Coins||0||6,000||8,000||6,000||98,000|
|$5 American Eagle Bullion Gold Coins||15,000||5,000||30,000||25,000||465,000|
|$50 American Buffalo Bullion Gold Coins||4,000||8,500||14,500||15,000||154,500|
|$1 American Eagle Silver Bullion Coins||430,000||870,000||4,140,000||2,950,000||35,201,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||0||3,500||0||33,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||0||1,000||0||21,500|
|Arches National Park 5 Oz Silver Bullion Coins||0||0||800||0||22,000|
|Great Sand Dunes 5 Oz Silver Bullion Coins||1,500||800||4,500||2,800||14,800|