Gold prices on Wednesday rebounded from a near three-week low.
Gold for August delivery climbed $15.00, or 1.1%, to settle at $1,392.00 an ounce on the Comex in New York. Dollar weakness supported gains.
"There’s a tug of war between investors putting money into gold and taking it out," Bernard Sin, head of currency and metal trading at bullion refiner MKS (Switzerland) SA in Geneva, said today by phone according to Bloomberg. "One of the concerns that investors are worried about is if there’s no more quantitative easing. We’ve seen some scattered buying on the back of the weak dollar."
Gold traded from an intraday low of $1,372.20 to a high of $1,394.00. Prices on Tuesday slipped $9.00, or 0.7%, to close at the lowest point since May 22.
Silver for July delivery settled up 15.0 cents, or 0.7%, to $21.80 an ounce. It ranged from $21.46 to $21.95. Silver in the previous session fell 27.9 cents, or 1.3%.
In other New York precious metals futures:
July platinum inched up $2.40, or 0.2%, to $1,482.30 an ounce, trading between $1,468.00 and $1,490.70.
- Palladium for September delivery added $4.55, or 0.6%, to $757.05 an ounce, ranging from $750.25 to $759.30.
London Fix Precious Metals
In London, gold and silver gained while platinum and palladium declined. When comparing the Tuesday PM to Wednesday PM London fixings:
- Gold added $8.50, or 0.6%, to $1,382.75 an ounce,
- Silver rose 20.0 cents, or 0.9%, to $21.78 an ounce,
- Platinum shed $5.50, or 0.4%, to $1,481.50 an ounce, and
- Palladium declined $8.00, or 1.0%, to $754.00 an ounce
US Bullion Coin Sales in June
Sales levels for U.S. Mint bullion coins were unchanged Wednesday. The following are daily, June and year-to-date bullion coin totals as provided by the United States Mint.
|American Eagle and Buffalo Bullion Coin Sales|
|Wednesday Sales||Last Week||Week-To-Date||June Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||14,000||3,500||17,500||513,000|
|$25 American Eagle Gold Bullion Coins||0||0||0||0||42,000|
|$10 American Eagle Gold Bullion Coins||0||0||0||0||78,000|
|$5 American Eagle Gold Bullion Coins||0||30,000||15,000||45,000||405,000|
|$50 American Buffalo Gold Bullion Coins||0||4,500||2,500||7,000||151,500|
|White Mountain 5 oz. Silver Bullion Coins||0||0||1,200||1,200||27,000|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||8,000||5,900||13,900||13,900|
|American Silver Eagle Bullion Coins||0||782,000||846,000||1,628,000||23,396,500|
Figures above are in the number of coins sold, not in ounces.