Gold edged lower for a second day Tuesday as investors were disappointed in Fed Chairman Ben Bernanke’s comments that the U.S. central bank was "prepared to take further action," which offered nothing new.
"The gold market’s reaction is suggesting that we are not going to get any stimulus any time soon until the economy deteriorates much further," Reuters quoted Phillip Streible, senior commodities broker at futures brokerage R.J. O’Brien. "I think these markets are going to be in a trading range for a while."
Gold prices for August delivery lost $2.10, or 0.1%, to settle at $1,589.50 an ounce on the Comex in New York. Gold traded between intraday ranges of $1,571.00 and $1,598.80.
In other New York precious metals futures:
-
Silver prices for September delivery were off a half cent to $27.316 an ounce, ranging from $26.720 to $27.595.
-
Platinum prices for October delivery advanced $3.40, or 0.2%, to $1,420.70 an ounce, trading between $1,408.00 and $1,432.10.
- Palladium prices for September delivery added $5.50, or 1.0%, to $583.35 an ounce, trading between $574.05 and $586.95.
London Precious Metals
Precious metals in London were mixed as silver made solid gains while other moves were modest. When comparing the latest London PM fixings:
- Gold lost $4.50, or 0.3%, to $1,585.25 an ounce,
- Silver gained 37.0 cents, or 1.4%, to $27.42 an ounce,
- Platinum slipped $1.00, or 0.1%, to $1,419.00 an ounce, and
- Palladium added $2.00, or 0.3%, to $583.00 an ounce
U.S. Mint Bullion Coin Sales
Sales of U.S. Mint bullion coins were unchanged Tuesday. The following are the latest daily, July and year-to-date bullion coin sales totals as published by the U.S. Mint.
| Sale of US Mint American Eagle and Buffalo Bullion Coins | |||
|---|---|---|---|
| Daily Gains | July Gains | YTD 2012 | |
| $50 American Gold Eagle Coins | 0 | 17,000 | 302,000 |
| $25 American Gold Eagle Coins | 0 | 0 | 56,000 |
| $10 American Gold Eagle Coins | 0 | 2,000 | 54,000 |
| $5 American Gold Eagle Coins | 0 | 0 | 175,000 |
| $50 American Buffalo Gold Coin | 0 | 1,500 | 76,500 |
| American Eagle Silver Coin | 0 | 1,003,000 | 18,395,000 |
| Sales of America the Beautiful 5 Oz. Silver Bullion Coins | |||
|---|---|---|---|
| Daily Gains | July Gains | All-Time Total | |
| 2012 El Yunque National Forest 5 oz. Silver Bullion Coins | 0 | 1,500 | 11,400 |
| 2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins | 0 | 2,700 | 5,900 |
| 2011 Olympic National Park 5 oz. Silver Bullion Coins | 0 | 100 | 85,300 |
| 2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins | 0 | 0 | 38,600 |
| 2011 Chickasaw Park 5 oz. Silver Bullion Coins | 0 | 0 | 28,900 |
| TOTAL | 0 | 4,300 | 170,100 |
Sales of U.S. Mint bullion coins are in coin totals, not the amount of ounces sold.
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