Gold prices continued higher Tuesday, closing at a new 10-week high and marking the 11th gain in 12 sessions.
Gold for August delivery added $2.90, or 0.2%, to settle at $1,321.30 an ounce on the Comex division of the New York Mercantile Exchange. The closing price remains the highest since April 14 when gold ended at $1,327.60 an ounce.
"It is Iraq and the Middle East which is the key reason for the rise in gold," MarketWatch quoted Chintan Karnani, chief market analyst at New Delhi-based Insignia Consultants. But there are "still huge short positions in gold and silver," he said. "Some of the investors have started exiting their short-term sell positions in gold and silver as there are no signs of a reversal at the moment."
Gold prices traded from a low of $1,314.50 to a high of $1,326.60.
Silver for July delivery advanced 13 cents, or 0.6%, to $21.04 an ounce, ranging from $20.81 to $21.17.
In rounding out the precious metals complex:
-
July platinum turned up $15.30, or 1.1%, to $1,471.90 an ounce, trading between $1,450.40 and $1,476.
- Palladium for September delivery rose $7.75, or 0.9%, to $830.40 an ounce, ranging from $819.45 to $834.65.
London Fix Precious Metals
Earlier fixed London precious metals advanced as well. In contrasting London bullion fix prices from Monday PM to Tuesday PM:
- Gold gained $5, or 0.4%, to $1,318.50 an ounce,
- Silver tacked on 37 cents, or 1.8%, to $21.12 an ounce,
- Platinum rose $16, or 1.1%, to $1,469 an ounce, and
- Palladium added $11, or 1.3%, to $828 an ounce
US Mint Bullion Sales in June
United States Mint bullion sales were unchanged Tuesday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold 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 | Week-To-Date Sales | May Sales | June Sales | YTD Sales | |
| $100 American Platinum Eagle Bullion Coins | 0 | 0 | 0 | 1,000 | 700 | 12,900 |
| $50 American Gold Eagle Bullion Coins | 0 | 11,500 | 3,500 | 29,000 | 32,500 | 188,000 |
| $25 American Gold Eagle Bullion Coins | 0 | 0 | 0 | 3,000 | 0 | 25,000 |
| $10 American Gold Eagle Bullion Coins | 0 | 2,000 | 0 | 6,000 | 2,000 | 70,000 |
| $5 American Gold Eagle Bullion Coins | 0 | 5,000 | 0 | 35,000 | 20,000 | 345,000 |
| $50 American Buffalo Gold Bullion Coins | 0 | 6,500 | 0 | 12,500 | 12,000 | 107,500 |
| $1 American Eagle Silver Bullion Coins | 0 | 580,000 | 0 | 3,988,500 | 1,925,000 | 23,361,500 |
| Great Smoky Mountains National Park 5 Oz Silver Bullion Coins | 0 | 0 | 1,000 | 4,000 | 2,000 | 29,000 |
| Shenandoah National Park 5 Oz Silver Bullion Coins | 0 | 0 | 400 | 19,500 | 900 | 20,000 |
| Arches National Park 5 Oz Silver Bullion Coins | 0 | 2,800 | 2,000 | N/A | 18,300 | 18,300 |
