Gold briefly topped $1,700 an ounce on Tuesday, extending gains that began Friday after Fed Chairman Ben Bernanke buoyed hopes for further monetary easing.
Gold for December delivery added $8.40, or 0.5%, to $1,696.00 an ounce on the Comex in New York. It was the highest settlement price for the yellow metal since March 12. Gold traded between an intraday low of $1,687.60 and a high of $1,701.60.
Gold prices first pushed over the $1,700 an ounce mark after a U.S. report showed manufacturing shrank for a third straight month in August. The factory index dropped more than expected to 49.6 last month from 49.8 in July.
"Bad economic news is good for gold," Pratik Sharma, a fund manager at Miami-based Atyant Capital, said in a telephone interview that was relayed on Bloomberg. "People are getting additional confirmation that central banks are ready to unleash more stimulus measures."
In other New York precious metals:
Silver prices for December delivery surged 96.9 cents, or 3.1%, to settle at $32.411 an ounce. Silver traded between intraday levels of $31.575 and $32.470.
Platinum for October delivery closed at $1,567.50 an ounce, gaining $30.20 or 2.0%. Platinum ranged from $1,537.90 to $1,569.00.
- Palladium for December delivery added $12.05, or 1.9%, to $641.45 an ounce, trading between $628.20 and $642.80.
Precious metals rallied last month with gains of 4.5% for gold, 12.6% for silver, 8.5% for platinum and 6.6% for palladium.
London Precious Metals
Precious metals in London were higher as well. In contrasting London PM Fix prices:
- Gold added $5.50, or 0.3%, to $1,697.00 an ounce,
- Silver rose 34.0 cents, or 1.1%, to $32.08 an ounce,
- Platinum advanced $11.00, or 0.7%, to $1,554.00 an ounce, and
- Palladium added $9.00, or 1.4%, to $638.00 an ounce
In August, London precious metals climbed 1.6% for gold, 8.2% for silver, 6.3% for platinum and 5.4% for palladium.
U.S. Mint Bullion Coins
Sales advanced Tuesday for the U.S. Mint’s most popular bullion products. The following grid offers daily, September and year-to-date bullion sales as published by the United States Mint.
|Sales of US Mint American Eagle and Buffalo Bullion Coins|
|Daily Gains||September Gains||YTD 2012|
|$50 American Eagle Gold Coins||1,500||1,500||349,000|
|$25 American Eagle Gold Coins||0||0||59,000|
|$10 American Eagle Gold Coins||0||0||58,000|
|$5 American Eagle Gold Coins||5,000||5,000||220,000|
|$50 American Buffalo Gold Coins||500||500||88,500|
|American Silver Eagle Coins||250,000||250,000||22,790,000|
|Sales of America the Beautiful 5 Oz. Silver Bullion Coins|
|Daily Gains||September Gains||All-Time Total|
|2012 El Yunque National Forest 5 oz. Silver Coins||0||0||16,700|
|2012 Chaco Culture National Historical Park 5 oz. Silver Coins||0||0||17,000|
|2012 Acadia National Park 5 oz. Silver Coins||0||0||15,100|
|2011 Olympic National Park 5 oz. Silver Coins||0||0||85,900|
|2011 Vicksburg National Military Park 5 oz. Silver Coins||0||0||39,500|
|2011 Chickasaw Park 5 oz. Silver Coins||0||0||29,700|
All sales figures above are in the number of coins sold, not the amount of ounces sold.