Gold Nears $1,780 as Silver Edges Up 2.1 Cents

by on October 3, 2012 · 0 comments

Gold Bars, Chart

Gold climbed 0.2% Wednesday. Other precious metals posted modest gains as well.

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
TOTAL 0 218,600


Sales figures above are in the number of coins sold, not in the amount of ounces sold.

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