Gold prices rose in quieter trade Tuesday with technical buying and improved safe-haven demand attributed to the gains.
Gold for December delivery picked up $6.30, or 0.5%, to end at $1,285.20 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold is getting a bid today because of the escalation in violence in Ukraine," Frank Lesh, a trader at FuturePath Trading LLC in Chicago, said in a telephone interview according to Bloomberg News. "Some people are worried that this crisis will not end soon."
In light trading volume, gold prices ranged from a low of $1,275.70 to a high of $1,291.90. Prices on Monday fell $1.30, or 0.1%, for a sixth lower closing in seven sessions.
Rising for the first time in four sessions, silver for September delivery added 3 cents, or 0.1%, to $19.39 an ounce. Silver prices traded from $19.31 to $19.66.
In PGM futures on Tuesday:
October platinum added $1.20, or 0.1%, to $1,419.60 an ounce, ranging from $1,413.50 to $1,427.80.
- Palladium for September delivery declined $1.05, or 0.1%, to $888.70 an ounce, trading between $883.90 and $890.40.
London Fix Precious Metals
UK markets reopened after the Summer Bank Holiday on Monday. When contrasting London bullion Fix prices and the LBMA Silver Price from Friday PM to Tuesday PM:
- Gold added $8.75, or 0.7%, to $1,286 an ounce,
- Silver was unchanged at $19.49,
- Platinum gained $7, or 0.5%, to $1,423 an ounce, and
- Palladium rose $5, or 0.6%, to $888 an ounce
US Mint Bullion Sales in August
U.S. Mint bullion sales were unchanged as of 3:12 PM ET. Gains were logged later in the day on Monday.
In the notable column, American Silver Eagles turned up 292,500 to ease above 28 million for the year, but the pace has dropped to the third quickest in the coin’s 29-year history. Silver Eagle sales in record year 2013 hurdled 31.89 million through Aug. 25, 2013. In 2011, now the second quickest year, they were at 28.17 million by Aug. 25, 2011. Sales of this year’s Silver Eagles had been on a record annual pace until sharp slowdowns in June and July.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, last month, the month so far, and the year to date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Tuesday Sales||Sales Last Week||Current Sales Week||July Sales||August Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||0||300||0||0||700||13,600|
|$50 American Eagle Bullion Gold Coins||0||3,000||1,500||26,000||17,500||242,000|
|$25 American Eagle Bullion Gold Coins||0||0||0||0||0||27,000|
|$10 American Eagle Bullion Gold Coins||0||0||4,000||6,000||6,000||84,000|
|$5 American Eagle Bullion Gold Coins||0||5,000||0||25,000||25,000||410,000|
|$50 American Buffalo Bullion Gold Coins||0||2,000||500||5,500||7,000||124,000|
|$1 American Eagle Silver Bullion Coins||0||430,000||292,500||1,975,000||1,902,500||28,006,000|
|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|
|Great Sand Dunes 5 Oz Silver Bullion Coins||0||N/A||3,400||N/A||3,400||3,400|