Gold gained Thursday in a round of safe-haven buying with higher trading volume contrasting against this week’s earlier, and quieter sessions.
Gold for December delivery tacked on $7, or 0.6%, to close at $1,290.40 an ounce on the Comex division of the New York Mercantile Exchange. Reports that Russian tanks entered Ukraine sparked haven-buying, according to analysts.
"The market is getting nervous about the Ukraine situation, and people are moving to gold," Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview according to Bloomberg News. "Talks of further sanctions against Russia are increasing the safe-haven premium of gold."
Gold prices traded from $1,283 to $1,297.60. They slipped $1.80, or 0.1%, on Wednesday.
Silver scored a third straight session gain. Silver for December delivery — the new most active contract — advanced 13 cents, or 0.7%, to $19.61 an ounce. Silver prices ranged from $19.47 to $19.95.
In PGM future prices on Thursday:
October platinum added $5.30, or 0.4%, to $1,425.20 an ounce, ranging from $1,418.50 to $1,431.30.
- Palladium for December delivery tacked on $3.40, or 0.4%, to $889.10 an ounce, trading between $893.55 and $901.50.
London Fix Precious Metals
Earlier fixed London precious metals also advanced. When contrasting London bullion Fix prices and the LBMA Silver Price from Wednesday PM to Thursday PM:
- Gold added $9.25, or 0.7%, to $1,292 an ounce,
- Silver gained 43 cents, or 2.2%, to $19.75,
- Platinum rose $8, or 0.6%, to $1,428 an ounce, and
- Palladium added $11, or 1.2%, to $898 an ounce
US Mint Bullion Sales in August
United States Mint bullion sales were unchanged Thursday. 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 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||300||0||0||700||13,600|
|$50 American Eagle Bullion Gold Coins||0||3,000||5,000||26,000||21,000||245,500|
|$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||1,500||5,500||8,000||125,000|
|$1 American Eagle Silver Bullion Coins||0||430,000||397,500||1,975,000||2,007,500||28,111,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||0||3,000||500||3,000||32,500|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||0||500||0||500||20,500|
|Arches National Park 5 Oz Silver Bullion Coins||0||0||1,200||1,500||1,200||21,200|
|Great Sand Dunes 5 Oz Silver Bullion Coins||0||N/A||7,500||N/A||7,500||7,500|