Gold and silver futures rebounded slightly Tuesday following their losses on Monday.
Gold for December delivery edged up $1.30, or 0.1%, to settle at $1,090.70 an ounce on the Comex division of the New York Mercantile Exchange.
Gold prices pared earlier gains as the U.S. dollar rallied after Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, said he is ready to support an interest rate hike in September.
"The more nervousness created about a September rate hike, the worse it is for gold so that took the market as we go into the close," Reuters quoted Bill O’Neill, co-founder of commodities investment firm LOGIC Advisors in New Jersey. "What the Fed is trying to do is to gradually prepare the market for a rate hike."
Gold prices ranged from a low of $1,080.20 to a high of $1,094.40. They declined in the prior session by $5.70 or 0.5%.
Silver for September delivery added 4 cents, or 0.3%, to settle at $14.56 an ounce. Silver prices traded between $14.35 and $14.63. They declined on Monday by 23 cents or 1.6%.
In PGM futures on Tuesday:
October platinum declined $8.60, or 0.9%, to $958.50 an ounce, ranging from $945.40 to $963.10.
- Palladium for September delivery shed $4.60, or 0.8%, to $598.60 an ounce, trading between $586.55 and $604.
London Precious Metals Prices
Earlier fixed London gold and silver prices declined. In comparing London bullion prices from Monday PM to Tuesday PM:
- Gold dipped $1.25, or 0.1%, to $1,090.65 an ounce.
- Silver fell 19 cents, or 1.3%, to $14.54 an ounce.
LBMA platinum and palladium prices are displayed on the LBMA’s website with a delay of midnight after the setting of the prices each day.
US Mint Bullion Coin Sales in August
United States Mint bullion sales advanced Tuesday with gold coins gaining 2,500 ounces and silver coins rising 246,500 ounces. Below is a listing of U.S. Mint bullion products with 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||This Week/Aug Sales||July Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||1,500||22,000||1,500||144,500||344,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||3,000||0||10,000||46,000|
|$10 American Eagle 1/4 Oz Gold Coins||2,000||6,000||2,000||28,000||100,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||20,000||0||135,000||525,000|
|$50 American Buffalo 1 Oz Gold Coins||500||6,500||500||32,000||129,000|
|$1 American Eagle 1 Oz Silver Coins||246,500||2,820,000||1,057,000||5,529,000||28,372,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||42,000|
|2015 Blue Ridge Parkway 5 Oz Silver Coins*||0||2,400||0||10,000||45,000|