Precious metals rebounded Tuesday following prior-day losses. Gold seesawed back above the $1,300 an ounce mark as the U.S. dollar weakened and safe-haven demand climbed over renewed Ukraine-Russian tensions.
Gold for June delivery tacked on $10.80, or 0.8%, to close at $1,309.10 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded from an intraday low of $1,296.80 to a high of $1,314.70.
"The unrest in the Ukraine and the escalating rhetoric from the U.S. is creating fear of an armed conflict, so safe-haven demand is definitely driving up gold prices today," Reuters quoted Miguel Perez-Santalla, vice president of online precious metals exchange BullionVault.
In rounding out the precious metals complex:
Silver for May delivery added 15 cents, or 0.8%, to $20.06 an ounce, trading between $19.85 and $20.18.
July platinum turned up $13.90, or 1%, to $1,441.70 an ounce, ranging from $1,427 to $1,444.90.
- Palladium for June delivery rose $8.20, or 1.1%, to $775.85 an ounce, trading between $766.45 and $779.45.
London Fix Precious Metals
Aside for palladium, earlier fixed London precious metals also gained. In contrasting the London fix prices from Monday PM to Tuesday PM:
- Gold advanced $10.50, or 0.8%, to $1,309.50 an ounce,
- Silver climbed 34 cents, or 1.7%, to $20.15 an ounce,
- Platinum added $2, or 0.1%, to $1,437 an ounce, and
- Palladium declined $10, or 1.3%, to $775 an ounce
US Mint Bullion Sales in March
Year-to-date bullion Silver Eagle sales topped 15 million after advancing 308,500 on Tuesday. Since the series started in 1986, only last year registered stronger sales through the same time period. Silver Eagle sales in 2013 hit 15 million on April 1.
No other U.S. Mint bullion coins logged gains on the day. Below is a sales breakdown across U.S. Mint bullion products with columns offering the number of bullion coins sold on Tuesday, last week, this week so far, last month, the month-to-date, and the year-to-date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Tuesday Sales||Sales Last Week||Sales This Week||March Sales||April Sales||YTD Sales|
|$100 American Platinum Eagle Coins||0||800||0||10,000||300||10,300|
|$50 American Eagle Gold Coins||0||10,000||0||16,000||9,000||109,500|
|$25 American Eagle Gold Coins||0||1,000||0||2,000||1,000||18,000|
|$10 American Eagle Gold Coins||0||2,000||4,000||4,000||6,000||48,000|
|$5 American Eagle Gold Coins||0||10,000||5,000||30,000||15,000||255,000|
|$50 American Buffalo Gold Coins||0||7,000||3,000||12,000||10,000||75,500|
|$1 American Silver Eagle Coins||308,500||1,171,000||968,000||5,354,000||1,261,000||15,140,000|
|Great Smoky Mountains National Park 5 Oz Bullion Coins||0||2,800||0||12,400||2,600||15,000|