Gold Ends at 2-Month High, Silver Prices Dip


Gold, Money and Charts

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.

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