Gold ended in positive territory Monday after dropping 2.1% last week. Silver also turned higher following its 2.7% weekly tumble.
Gold for August delivery picked up $4.50, or 0.3%, to close at $1,313.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from a low of $1,307.90 to a high of $1,319. Safe-haven demand was attributed to gains.
"Escalation of sanctions on Russia and more geopolitical problems in Gaza are keeping gold supported," George Gero, a vice president and precious-metals strategist at RBC Capital Markets in New York, said in a telephone interview according to Bloomberg News. "There are enough fundamentals to keep prices over $1,300 for some time."
Silver for September delivery tacked on 13 cents, or 0.6%, to $21.01 an ounce, ranging from $20.86 to $21.17.
In PGM futures:
October platinum added $3.50, or 0.2%, to $1,493.40 an ounce, trading between $1,488.10 and $1,501.80.
- Palladium for September delivery fell $4.35, or 0.5%, to $877.15 an ounce, ranging from $876.65 to $886.50.
Last week, platinum shed 1.6% while palladium advanced 0.7%.
London Fix Precious Metals
Earlier fixed London precious metals fixings again changed narrowly. In contrasting the London bullion fix prices from Friday PM to Monday PM:
- Gold climbed $4.25, or 0.3%, to $1,311.50 an ounce,
- Silver declined a penny to $20.93 an ounce,
- Platinum slipped $3, or 0.2%, to $1,494 an ounce, and
- Palladium added $3, or 0.3%, to $884 an ounce
Palladium was alone with gains last week, up 1.6%. Losses among the metals included 2.1% for gold, 2.2% for silver, and 0.6% for platinum.
US Mint Bullion Sales in July
United States Mint bullion sales advanced Monday by 2,000 ounces in gold coins and 325,000 ounces in silver coins. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Monday, last week, last month, the month to date, and the year to date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Monday Sales||Sales Last Week||June Sales||July Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||0||0||700||0||12,900|
|$50 American Eagle Bullion Gold Coins||1,000||10,500||43,000||22,500||221,000|
|$25 American Eagle Bullion Gold Coins||0||0||2,000||0||27,000|
|$10 American Eagle Bullion Gold Coins||2,000||4,000||4,000||6,000||78,000|
|$5 American Eagle Bullion Gold Coins||5,000||15,000||35,000||25,000||385,000|
|$50 American Buffalo Bullion Gold Coins||0||1,500||16,000||4,000||115,500|
|$1 American Eagle Silver Bullion Coins||325,000||590,000||2,692,000||1,350,000||25,478,500|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||0||2,000||0||29,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||0||900||0||20,000|
|Arches National Park 5 Oz Silver Bullion Coins||0||1,000||18,500||1,500||20,000|