Gold prices jumped to their highest level in more than six weeks Tuesday, boosted by a weaker U.S. dollar and safe-haven buying as more investors fled from falling stocks.
Gold for February delivery surged $37.10, or 3.1%, to end at $1,232 an ounce on the Comex division of the New York Mercantile Exchange.
"There are equity market concerns and an increase in the flight away from risky assets to quality," Bloomberg News quoted James Steel, an analyst at HSBC Securities (USA) Inc. in New York. "Gold seems to be benefiting from that more than anything else."
Gold traded between $1,199.50 and $1,239, the highest price since Oct. 23. Prices on Monday slipped $4.50, or 0.4%.
Elsewhere in precious metals trading:
Silver for March delivery advanced 86 cents, or 5.3%, to $17.13 an ounce, ranging from $16.29 to $16.84.
January platinum tacked on $17.40, or 1.4%, to $1,246.80 an ounce, trading between $1,223.30 and $1,249.70.
- Palladium for March delivery gained $13.80, or 1.7%, to $811.60 an ounce, ranging from $795.85 to $811.60.
London Fix Precious Metals
Earlier fixed London precious metals advanced as well. In comparing London bullion Fix prices from Monday PM to Tuesday PM:
- Gold shot up $34, or 2.9%, to $1,227 an ounce,
- Silver added 11 cents, or 0.7%, to $16.37 an ounce,
- Platinum gained $13, or 1.1%, to $1,244 an ounce, and
- Palladium rose $6, or 0.7%, to $809 an ounce
US Mint Bullion Coin Sales in December
United States Mint bullion sales were unchanged as of 2:59 PM ET. 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, in December, and the year to date. Coins with an asterisk (*) have sold out.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Tuesday Sales||Last Week||This Week||November Sales||December Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins*||0||0||0||0||0||16,700|
|$50 American Eagle Bullion Gold Coins||0||12,000||0||49,000||12,000||414,500|
|$25 American Eagle Bullion Gold Coins||0||0||0||8,000||0||46,000|
|$10 American Eagle Bullion Gold Coins||0||6,000||0||12,000||6,000||118,000|
|$5 American Eagle Bullion Gold Coins||0||30,000||0||40,000||30,000||560,000|
|$50 American Buffalo Bullion Gold Coins||0||2,500||0||12,500||2,500||175,500|
|$1 American Eagle Silver Bullion Coins||0||821,500||498,500||3,426,000||1,317,000||42,864,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins*||0||0||0||0||0||33,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||300||0||900||300||23,600|
|Arches National Park 5 Oz Silver Bullion Coins*||0||0||0||0||0||22,000|
|Great Sand Dunes 5 Oz Silver Bullion Coins||0||1,800||0||1,700||1,800||19,700|
|Everglades 5 Oz Silver Bullion Coins||0||7,000||0||27,000||7,000||34,000|