Gold added to the prior day’s gains on Thursday as safe-haven buying was highlighted amid advancing tensions in Ukraine and Iraq.
Gold for December delivery tacked on $4.30, or 0.3%, to close at $1,312.50 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices started the day under mild selling pressure Thursday, but more safe-haven demand and short covering kicked in during the session to push prices modestly higher on the day," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "As the trading day progressed Thursday, investor risk appetite appeared to shrink, to the benefit of gold."
Gold prices ranged from an intraday low of $1,303 to a high of $1,315.50. Gold soared 1.8% in the prior session after two days of losses.
Silver continued to struggle, falling for the fifth time in six sessions. Silver futures for September delivery shed 3 cents, or 0.2%, to settle at $19.99 an ounce. Silver traded from $19.88 to $20.13.
In PGM futures on Thursday:
October platinum gained $16.30, or 1.1%, to $1,481.50 an ounce, ranging from $1,464.50 to $1,483.
- Palladium for September rose $7.15, or 0.8%, to $856.05 an ounce, trading between $847 and $860.80.
London Fix Precious Metals
Earlier London bullion fixings were mixed with gold lower and other metals higher. In contrasting the London bullion fix prices from Wednesday PM to Thursday PM:
- Gold lost $1.25, or 0.1%, to $1,305.25 an ounce,
- Silver added 29 cents, or 1.5%, $20.07 an ounce,
- Platinum advanced $9, or 0.6%, to $1,466 an ounce, and
- Palladium rose $7, or 0.8%, to $852 an ounce
US Mint Bullion Coin Sales in August
U.S. Mint bullion coins have registered gains for four straight days — a rarity when compared to typical sales patterns in the last two months. Bullion sales for the week so far are almost nine times higher for gold coins and nearly three times higher for silver coins. Silver Eagle sales on the week are highest since the week ended May 9.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Thursday, last week, this week so far, last month, the month so far, and the year to date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Thursday Sales||Sales Last Week||Current Sales Week||July Sales||August Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||0||0||0||0||0||12,900|
|$50 American Eagle Bullion Gold Coins||500||1,500||9,000||26,000||9,000||233,500|
|$25 American Eagle Bullion Gold Coins||0||0||0||0||0||27,000|
|$10 American Eagle Bullion Gold Coins||0||0||2,000||6,000||2,000||80,000|
|$5 American Eagle Bullion Gold Coins||5,000||0||10,000||25,000||10,000||395,000|
|$50 American Buffalo Bullion Gold Coins||500||0||2,500||5,500||2,500||119,500|
|$1 American Eagle Silver Bullion Coins||0||335,000||955,000||1,975,000||955,000||27,058,500|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||0||0||500||0||29,500|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||0||0||0||0||20,000|
|Arches National Park 5 Oz Silver Bullion Coins||0||0||0||1,500||0||20,000|