Gold rebounded modestly Tuesday, rising for the third time in four sessions as investors looked ahead to the FOMC release of its minutes on Wednesday afternoon.
Gold for December delivery added $1.20, or 0.1%, to end at $1,273.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold ranged from a low of $1,268 to a high of $1,278.20.
"Gold and silver prices continue to be buffeted by demand for physical gold from Asian buyers versus negative investment sentiment in the western world expressed in sales of ‘paper’ gold," such as exchange-traded funds and futures, MarketWatch quoted James West, portfolio adviser to the Midas Letter Opportunity Fund.
Gold prices started the week on Monday with a loss of $15.10, or 1.2%.
Silver for December delivery dipped 2.3 cents, or 0.1%, to finish at $20.33 an ounce. Prices ranged from $20.20 to $20.48. Silver on Monday shed 37 cents, or 1.8%.
In PGM futures on Tuesday:
January platinum advanced $8.90, or 0.6%, to $1,419.90 an ounce, ranging from $1,405.10 to $1,425.50. Platinum lost $27.90, or 1.9%, in the prior session.
- Palladium for December delivery gained $5.15, or 0.7%, to $721.90 an ounce, trading between $713.30 and $725.60. On Monday, palladium dropped $15.90, or 2.2%.
London Fix Precious Metals
London bullion fixings continued lower. In contrasting the Monday PM to Tuesday PM London fix prices:
- Gold declined $7.75, or 0.6%, to $1,275.50 an ounce,
- Silver fell 20 cents, or 1%, to $20.44 an ounce,
- Platinum lost $20, or 1.4%, to $1,410 an ounce, and
- Palladium declined $8.50, or 1.2%, to $718.50 an ounce
US Mint Bullion Sales in November
On Monday, all United States Mint bullion options advanced. On Tuesday, sales increased for all but one of the Mint’s silver bullion coins. Sales breakouts for the day, week-to-date, for the month through Nov. 19, and the year-to-date are listed below.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Tuesday Sales||Last Week||Week-To-Date Sales||November Sales||YTD Sales|
|$50 American Gold Eagle Bullion Coins||0||10,000||4,500||25,000||671,000|
|$25 American Gold Eagle Bullion Coins||0||1,000||1,000||2,000||58,000|
|$10 American Gold Eagle Bullion Coins||0||0||2,000||4,000||118,000|
|$5 American Gold Eagle Bullion Coins||0||10,000||5,000||20,000||520,000|
|$50 American Buffalo Gold Bullion Coins||0||5,000||1,000||7,000||225,000|
|White Mountain 5 oz. Silver Bullion Coins||Sold Out||35,000|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||600||100||700||26,900|
|Great Basin 5 oz. Silver Bullion Coins||0||600||200||800||28,000|
|Fort McHenry 5 oz. Silver Bullion Coins||300||400||400||1,800||30,000|
|Mount Rushmore 5 oz. Silver Bullion Coins||2,800||19,100||3,800||28,900||28,900|
|American Silver Eagle Bullion Coins||139,000||500,000||500,000||1,500,000||40,675,000|