Gold, silver and other precious metals futures moved higher on Tuesday as safe-haven demand improved and the U.S. dollar gave up some ground.
Gold for June delivery advanced $9.40, or 0.8%, to settle at $1,192.40 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices ended the U.S. day session moderately higher Tuesday, boosted on short covering, bargain hunting and even some safe-haven demand," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A lower U.S. dollar index and higher crude oil prices on this day worked in favor of the precious metals bulls."
Gold prices ranged from a low of $1,179.70 to a high of $1,196.30. They slipped 0.5% in the previous session.
Silver for July delivery jumped 21 cents, or 1.3%, to $16.53 an ounce, trading between $16.12 and $16.60. Silver prices declined on Monday by 0.9%.
In PGM futures for the day:
July platinum rose $5.70, or 0.5%, to $1,133 an ounce, ranging from $1,125.30 to $1,141.70.
- Palladium for June delivery gained $4.70, or 0.6%, to $785.15 an ounce, trading between $780.75 and $789.98.
London Precious Metals Prices
Earlier fixed London precious metals prices changed modestly. In comparing London bullion prices from Monday PM to Tuesday PM:
- Gold rose $2.25, or 0.2%, to $1,191.50 an ounce,
- Silver gained 7 cents, or 0.4%, to $16.46 an ounce,
- Platinum added $2, or 0.2%, to $1,134 an ounce, and
- Palladium edged up $3, or 0.4%, to $786 an ounce.
US Mint Bullion Coin Sales in May
In somewhat of a rarity, United States Mint bullion sales registered wide gains with six of seven coins advancing. In total, gold coins rose 4,500 ounces and silver coins went up 175,000 ounces.
Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Tuesday Sales||Last Week||Monday Sales||April Sales||May Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||1,000||2,500||1,000||23,500||3,500||126,000|
|$25 American Eagle 1/2 Oz Gold Coins||2,000||0||2,000||4,000||2,000||31,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||6,000||0||4,000||6,000||54,000|
|$5 American Eagle 1/10 Oz Gold Coins||5,000||15,000||5,000||30,000||20,000||285,000|
|$50 American Buffalo 1 Oz Gold Coins||2,000||1,500||2,000||10,000||3,500||69,500|
|$1 American Eagle 1 Oz Silver Coins||175,000||833,500||225,000||2,851,500||1,058,500||15,981,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||0||12,000||0||30,000||12,000||42,000|