U.S. gold futures advanced 3.6 percent Tuesday, snapping a string of four straight session losses. Rebounding equities, a weaker U.S. dollar, and bargain hunting were attributed to yellow metal gains.
"Over the last several days, we have gone back to the traditional dollar positive, gold negative relationship. With the dollar under significant pressure today, it has driven buying back into gold," Reuters quoted David Meger, director of metals trading at Vision Financial Markets, a futures brokerage.
Marking their best single-day advance since August 8, gold prices for December delivery rose $57.70 to close at $1,652.50 an ounce on the Comex in New York. Gold traded from an intraday low of $1,616.80 to a high of $1,679.20. Gold prices had plunged $214.30, or 11.8 percent, during the four previous sessions.
"Gold is behaving like a classic commodity and is moving in tandem with the equity market," Adam Klopfenstein, a senior market strategist at MF Global Holdings Inc. in Chicago, said in a telephone interview that was cited on Bloomberg. "The selloff was overdone."
Silver prices for December delivery jumped $1.56, or 5.2 percent, to settle at $31.536 an ounce. The white metal ranged between $30.275 and $33.585. Silver prices had dived $10.16, or 25.3 percent, in the four previous sessions.
Platinum remains below the price of gold. Platinum prices for October delivery advanced $27.10, or 1.8 percent, to close at $1,574.00 an ounce. Platinum traded from $1,551.60 to $1,591.20.
"The near-$80 premium in gold versus platinum was once again seen as a potential stimulant for platinum purchases by investors who recall the historical differential between the two metals," noted Jon Nadler, Senior Analyst at Kitco Metals Inc. "We say ‘potential’ because as things stand right about now, the angst over global growth may keep this gap in place for possibly some time to come, and may even widen it."
Palladium prices for December delivery ended up $22.55, or 3.6 percent, to $649.95 an ounce, trading between $625.05 and $660.00.
London Precious Metals Fixings
London precious metals were mixed, with all but platinum rising. In comparing PM fixings from Monday to Tuesday, the gold fix advanced $61.00 at $1,659.00, silver prices gained $5.34 at $33.50, platinum declined $2.00 at $1,568.00 and palladium advanced $8.00 at $647.00.
U.S. Mint Bullion Coin Sales
Solid bullion sales continued for the U.S. Mint’s one-ounce American Eagle coins. The American Gold Eagle bullion coin rose 10,000 and the American Silver Eagle bullion coin added 100,000.
The American Silver Eagle sales total for September stood one week ago at a touch over 1.4 million. The coin’s turnaround, supported by lower prices, has been dramatic. The Silver Eagle monthly total now stands at over 3.4 million coins. That assures September will rank at least as the 8th best ever month for the series which launched in 1986.
The latest daily, September and year-to-date bullion coin sales figures follow:
|Sales of U.S. Mint American Eagle and Buffalo Bullion Coins|
|Gold Eagle Coin (1 oz.)||10,000||72,000||744,500|
|Gold Eagle Coin (1/2 oz.)||0||1,000||62,000|
|Gold Eagle Coin (1/4 oz.)||0||2,000||72,000|
|Gold Eagle Coin (1/10 oz.)||0||20,000||340,000|
|Gold Buffalo Coin (1 oz.)||0||10,000||129,500|
|Silver Eagles (1 oz.)||100,000||3.4255M||32.3765M|
|Sales of America the Beautiful 5 Oz. Silver Bullion Coins*|
|Gettysburg National Military Park 5 oz. Silver Coin||126,700|
|Glacier National Park 5 oz. Silver Coin||126,700|
|Olympic National Park 5 oz. Silver Coin||81,500|
|Vicksburg National Military Park 5 oz. Silver Coin||29,400|
|Chickasaw Park 5 oz. Silver Coin||17,800|
*The Gettysburg and Glacier America the Beautiful Five Ounce Silver Bullion Coins are sold out. Unlike other investment-grade products, the United States Mint does not provide daily per coin sales totals for the Olympic, Vicksburg, and Chickasaw America the Beautiful Five Ounce Silver Bullion Coins. The individual totals are as of Monday, September 19. The overall total is as of Monday, September 26 (700 additional five-ounce bullion coins sold since last week).