Gold futures rebounded to close Tuesday at their highest price in two months. The precious metal has advanced in eight of the last ten sessions.
Gold for December delivery gained $6.90, or 0.5%, to end at $1,372.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the highest since June 19. Gold prices ranged from $1,351.60 to $1,378 an ounce. A lower U.S. dollar was a contributing factor in gold’s gain.
"The dollar is supporting the gold market," Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview recounted on Bloomberg News. "People will be looking for a clear indication from the Fed tomorrow."
Minutes of the Fed’s July policy meeting become public on Wednesday.
Silver prices retreated for a second day after gaining in the seven previous sessions and soaring by more than 14% last week. Silver for September delivery shed a dime, or 0.4%, to end at $23.07 an ounce. The precious metal traded between $22.28 and $23.31.
PGMs fell on Monday and split on Tuesday. In their daily breakdowns:
October platinum added $16.50, or 1.1%, to $1,525.50 an ounce, ranging from $1,496.70 to $1,527.10.
Palladium for September lost $3.25, or 0.4%, to $749.65 an ounce, trading between $743.35 and $756.45.
London Fix Precious Metals
London precious metals fixings were mixed with all but gold lower. In contrasting the Monday PM to Tuesday PM London Fix prices:
- Gold added $7.50, or 0.5%, to $1,372.50 an ounce,
- Silver prices declined 36 cents, or 1.5%, to $22.87 an ounce,
- Platinum fell $1, or 0.1%, to $1,512 an ounce, and
- Palladium dipped $3, or 0.4%, to $748 an ounce
US Bullion Sales
Sales totals for U.S. Mint bullion coins as of 4:04 PM ET were unchanged following Monday’s sharp increases in silver coins and very modest gains in gold coins. United States Mint bullion sales so far this week, for the month and year-to-date follow.
|American Eagle and Buffalo Bullion Sales|
|Tuesday Sales||Last Week||Week-To-Date Sales||August Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||1,000||0||1,500||589,000|
|$25 American Eagle Gold Bullion Coins||0||0||0||1,000||48,000|
|$10 American Eagle Gold Bullion Coins||0||0||2,000||2,000||96,000|
|$5 American Eagle Gold Bullion Coins||0||5,000||0||5,000||455,000|
|$50 American Buffalo Gold Bullion Coins||0||1,500||500||5,000||185,000|
|White Mountain 5 oz. Silver Bullion Coins||0||0||100||100||30,000|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||300||1,300||1,600||22,400|
|Great Basin 5 oz. Silver Bullion Coins||0||0||1,700||1,700||19,100|
|American Silver Eagle Bullion Coins||0||746,000||850,000||2,446,000||31,896,000|
Figures above are in the number of coins sold, not in ounces.