Gold snapped back above $1,700 an ounce Tuesday as a weaker U.S. dollar and bargain-hunting attracted investors following the previous day selloff which drove prices to a four-week low.
"Bargain-hunting buying has come back into the market, providing a nice rebound that bodes well for gold’s near- and longer-term prospects," MarketWatch quoted Brien Lundin, editor of Gold Newsletter.
Gold prices settled to $1,702.40 an ounce in the December futures contract on the Comex in New York, advancing $23.80 or 1.4 percent. Gold traded from an intraday low of $1,667.50 to a high of $1,705.60.
"The uncertainty around the budget-deficit talks is positive for gold in the long run," Sterling Smith, an analyst at Country Hedging Inc. in St. Paul, Minnesota, said in a telephone interview that was cited on Bloomberg. "We have seen an increase in physical interest."
Silver prices for December delivery surged $1.835, or 5.9 percent, to $32.951 an ounce. Silver prices ranged from $32.130 to $32.951.
Platinum prices for January delivery closed to $1,571.00 an ounce, adding $27.20, or 1.8 percent. Platinum moved from $1,542.00 and $1,572.00.
Palladium prices for December delivery rose $15.35, or 2.6 percent, to $601.15 an ounce, trading between $584.95 and $603.60.
London Precious Metals
With the exception of silver, earlier London precious metals fixings declined for a third consecutive day. When comparing London fixings on Tuesday (PM) from those on Monday (PM), gold dropped $3.00 to $1,699.00 an ounce, silver prices advanced 95.0 cents to $31.85 an ounce, platinum fell $13.00 to $1,554.00 an ounce and palladium declined $4.00 to $588.00 an ounce.
U.S. Mint Bullion Coin Sales
Following two days of silence, one-ounce and below U.S. Mint bullion coins rose almost across the board. The only coin without a sales increase was the quarter-ounce American Gold Eagle.
The latest available daily, monthly, and year-to-date U.S. Mint bullion coin sales figures follow. All sales represent coin totals, not ounces of gold or silver coins sold.
|Sales of U.S. Mint American Eagle and Buffalo Bullion Coins|
|Daily Gains||November Gains||YTD 2011|
|American Gold Eagle Coin (1 oz.)||4,000||20,000||826,000|
|American Gold Eagle Coin (1/2 oz.)||0||0||65,000|
|American Gold Eagle Coin (1/4 oz.)||2,000||4,000||82,000|
|American Gold Eagle Coin (1/10 oz.)||5,000||15,000||370,000|
|American Gold Buffalo Coin (1 oz.)||1,500||5,500||150,500|
|American Silver Eagle (1 oz.)||40,000||884,000||37,359,500|
|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||83,300|
|Vicksburg National Military Park 5 oz. Silver Coin||32,200|
|Chickasaw Park 5 oz. Silver Coin||24,400|
*The United State Mint does not provide daily sales figures for its 5-ounce silver coins. The sales are current as of Monday, November 14, 2011.