Gold prices on Tuesday rebounded from prior-session losses to finish just above $1,200 an ounce. Trading volumes on the day were higher than expected with the New Year’s holiday right around the corner and many investors away from their desks.
Gold for February delivery jumped $18.50, or 1.6%, to close at $1,200.40 an ounce on the Comex division of the New York Mercantile Exchange.
"The one encouraging thing for the bulls today is that today’s volume is stronger than what we’ve seen lately, but until we close above $1,235, bulls shouldn’t get excited," Reuters quoted Teddy Sloup, senior market strategist for iiTrader in Chicago.
Gold prices ranged from a low of $1,180.50 to a high of $1,210.90. They fell on Monday by $13.40, or 1.1%. Gold is $1.90 away from breaking even on the year.
Silver for March delivery surged 50 cents, or 3.2%, to settle at $16.28 an ounce. The precious metal traded between $15.75 and $16.48. In the previous session, silver prices tumbled by 37 cents, or 2.3%.
In PGM futures on Tuesday:
April platinum tacked on $16.60, or 1.4%, to $1,219.30 an ounce, ranging from $1,199.50 to $1,224.30.
- Palladium for March delivery fell $7.80, or 1%, to $804.20 an ounce, trading between $799.25 and $814.45.
London Fix Precious Metals
Earlier fixed London precious metals were mixed. In comparing London bullion Fix prices from Monday PM to Tuesday PM:
- Gold advanced $20.50, or 1.7%, to $1,206 an ounce,
- Silver shed 21 cents, or 1.3%, to $15.79 an ounce,
- Platinum lost $8, or 0.7%, to $1,206 an ounce, and
- Palladium dipped $1, or 0.1%, to $811 an ounce.
US Mint Bullion Coin Sales in December
United States Mint bullion sales were unchanged as of 3:47 PM ET. The Mint’s most popular bullion product, the American Silver Eagle, is not available until the 2015-dated version launches on Jan. 12. The agency’s supply of 2014-dated coins ran out on Dec. 24.
It looks like Mint distributors are waiting to spend their money on gold coins until the 2015-dated American Gold Eagle and American Gold Buffalo coins become available on Jan. 5.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, 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 / Current Week Sales||Last Week||November Sales||December Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins*||0||0||0||0||16,900|
|$50 American Eagle Bullion Gold Coins||0||1,000||49,000||13,000||415,500|
|$25 American Eagle Bullion Gold Coins||0||0||8,000||0||46,000|
|$10 American Eagle Bullion Gold Coins||0||0||12,000||6,000||118,000|
|$5 American Eagle Bullion Gold Coins||0||5,000||40,000||35,000||565,000|
|$50 American Buffalo Bullion Gold Coins||0||2,000||12,500||4,500||177,500|
|$1 American Eagle Silver Bullion Coins*||0||501,000||3,426,000||2,459,000||44,006,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins*||0||0||0||0||33,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||0||900||1,100||24,400|
|Arches National Park 5 Oz Silver Bullion Coins*||0||0||0||0||22,000|
|Great Sand Dunes 5 Oz Silver Bullion Coins||0||0||1,700||4,000||21,900|
|Everglades 5 Oz Silver Bullion Coins||0||0||27,000||7,000||34,000|