Gold settled slightly higher for the midweek trading session, snapping a string of two straight daily losses.
Gold prices for December delivery edged up $4.20, or 0.3%, to $1,606.60 an ounce, trading between intraday levels of $1,592.10 and $1,608.80.
"It was yet another quiet, summertime trading day. The market place is awaiting some fresh, market-moving fundamental inputs. But with the dog days of summer at hand in the U.S. and most of Europe on vacation, that news has been hard to come by lately," noted Jim Wyckoff in the P.M. Kitco Metals Roundup. "Several U.S. economic reports released Wednesday failed to significantly impact the precious metals."
A report from the U.S. Labor department reflected tame inflation, with consumer prices flat for a second month in July and inflation on an annual basis rising 1.4% compared to the previous 12-month reading of 1.7%. Ironically, gold has traditionally been purchased as a hedge against advancing inflation, with its luster dimmed when inflation retreats. Instead, support for the yellow metal on Wednesday was seen by some analysts as tied to the muted inflation data because it offers more maneuvering room for the Fed.
"The CPI numbers have removed one roadblock in the path of some announcement on the easing front," David Meger, the director of metal trading at Vision Financial Markets in Chicago, said in a telephone interview that was relayed on Bloomberg.
In other New York bullion prices:
Silver prices for September delivery closed at $27.812 an ounce, rising 4.9 cents or 0.2%. It ranged from $27.430 to $27.960.
Platinum for October delivery shed $2.90, or 0.2%, to $1,396.20 an ounce, trading between $1,391.10 and $1,406.40.
- Palladium for September delivery dipped 35.0 cents, or 0.1%, to $578.05 an ounce, moving between $573.00 and $581.00.
London Precious Metals
Bullion prices in London were mixed with narrow movements. When comparing London PM Fix prices:
- Gold added $4.00, or 0.3%, to $1,601.75 an ounce,
- Silver fell 20.0 cents, or 0.7%, to $27.64 an ounce,
- Platinum was unchanged at $1,400.00 an ounce, and
- Palladium declined $1.00, or 0.2%, to $576.00 an ounce
Sales of U.S. Mint Bullion Coins
Sales of U.S. Mint bullion coins on Wednesday were unchanged for a second consecutive day. The latest daily, August and year-to-date sales for U.S. Mint bullion products follow.
|Sales US Mint American Eagle and Buffalo Bullion Coins|
|Daily Gains||August Gains||YTD 2012|
|$50 American Gold Eagle Coins||0||8,500||322,000|
|$25 American Gold Eagle Coins||0||0||56,000|
|$10 American Gold Eagle Coins||0||0||54,000|
|$5 American Gold Eagle Coins||0||5,000||195,000|
|$50 American Buffalo Gold Coins||0||3,500||82,500|
|American Silver Eagle Coins||0||1,390,000||21,060,000|
|Sales of America the Beautiful 5 Oz. Silver Bullion Coins|
|Daily Gains||August Gains||All-Time Total|
|2012 El Yunque National Forest 5 oz. Silver Coins||0||400||13,600|
|2012 Chaco Culture National Historical Park 5 oz. Silver Coins||0||400||7,800|
|2012 Acadia National Park 5 oz. Silver Coins||0||1,100||11,000|
|2011 Olympic National Park 5 oz. Silver Coins||0||0||85,500|
|2011 Vicksburg National Military Park 5 oz. Silver Coins||0||0||39,100|
|2011 Chickasaw Park 5 oz. Silver Coins||0||0||29,400|
Above U.S. Mint bullion sales are in coin totals, not in amount of ounces sold.