Gold advanced Wednesday despite a stronger U.S. dollar, but gains remained subdued in another quiet day of trading.
Gold prices for December delivery advanced $4.20, or 0.2%, to $1,779.80 an ounce on the Comex in New York.
"The gold market bulls were impressed by the yellow metal’s ability to hold gains despite bearish ‘outside markets’ that included a firmer U.S. dollar index and sharply lower crude oil prices," noted Jim Wyckoff in the PM Kitco Metals Roundup. "Gold and silver bulls are in near-term technical control as the market place awaits fresh fundamental inputs just ahead," Wyckoff added.
Gold’s intraday trading ranges were $1,773.00 and $1,784.00.
"Gold held up because QE3 is attracting new investors into the market. People are exiting risk currencies such as the Australian dollar and looking for a safe haven in the gold market," Reuters quoted Phillip Streible, senior commodities broker at futures brokerage R.J. O’Brien.
Silver for December delivery closed at $34.690 an ounce, adding 2.1 cents or 0.1%. Silver ranged from an intraday low of $34.515 to a high of $34.930.
Platinum for January delivery climbed $6.90, or 0.4%, to $1,694.10 an ounce, ranging from $1,671.50 to $1,694.80.
Palladium for December delivery added $3.70, or 0.6%, to $657.90 an ounce, trading between $647.40 and $658.75.
London Precious Metals Prices
London bullion prices were mixed for a third straight day. When comparing the latest London PM Fix prices:
- Gold dipped 25.0 cents to $1,775.25 an ounce,
- Silver declined 13.0 cents, or 0.4%, to $34.72 an ounce,
- Platinum gained $7.00, or 0.4%, to $1,685.00 an ounce, and
- Palladium added $6.00, or 0.9%, to $652.00 an ounce
U.S. Mint Bullion Coins
Sales levels for U.S. Mint bullion coins have atypically stayed the same since the end of September. The following grid offers the latest bullion sales as published by the U.S. Mint.
|Sales of US Mint American Eagle and Buffalo Bullion Coins|
|Daily/October Sales||YTD 2012|
|$50 American Gold Eagle Bullion Coins||0||410,500|
|$25 American Gold Eagle Bullion Coins||0||61,000|
|$10 American Gold Eagle Bullion Coins||0||62,000|
|$5 American Gold Eagle Bullion Coins||0||250,000|
|$50 American Gold Buffalo Bullion Coins||0||96,500|
|American Silver Eagle Bullion Coins||0||25,795,000|
|Sales of America the Beautiful 5 Oz. Silver Bullion Coins|
|Daily/October Sales||All-Time Total|
|2012 El Yunque National Forest 5 oz. Silver Bullion Coins||0||17,900|
|2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins||0||17,200|
|2012 Acadia National Park 5 oz. Silver Bullion Coins||0||18,000|
|2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins||0||10,400|
|2011 Olympic National Park 5 oz. Silver Bullion Coins||0||85,900|
|2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins||0||39,500|
|2011 Chickasaw Park 5 oz. Silver Bullion Coins||0||29,700|
Sales figures above are in the number of coins sold, not in the amount of ounces sold.