Gold Edges Higher as Other Metals Decline

Silver bullion bars,5.45 oz
Silver declined for a second session Tuesday while gold inched higher

Gold futures ticked higher Tuesday, up for the third time in four sessions. Silver, meanwhile, dropped for a second day in a row.

Gold for February delivery edged up a dime to settle at $1,075.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from a low of $1,066.80 to a high of $1,078.40. They declined on Monday by $8.90 or 0.8%.

"Some late short covering in the futures market and bargain hunting in the cash market did lift [gold] prices up from their daily lows," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Precious metals prices early this week are anchored by a downdraft in crude oil that saw Nymex futures Tuesday hit a nearly seven-year low below $37.00 a barrel."

Silver for March delivery fell 22 cents, or 1.5%, to settle at $14.12 an ounce. Silver prices traded from $14.07 to $14.31. They declined 1.4% in the prior session.

In PGM futures on Tuesday:

  • January platinum dropped $16.70, or 1.9%, to $846.50 an ounce, ranging from $845.50 to $863.90.

  • Palladium for March delivery shed $7.55, or 1.4%, to $547.90 an ounce, trading between $547 and $561.25.

London Precious Metals Prices

Earlier fixed London gold and silver prices declined. In comparing their prices from Monday PM to Tuesday PM:

  • Gold lost $3.70, or 0.3%, to $1,072.10 an ounce.
  • Silver fell 25 cents, or 1.7%, to $14.24 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Coin Sales

United States Mint bullion coins have yet to show sales gains this week. There is limited room for gold increases with most 2015 American Gold Eagles sold out but there are nearly 1.1 million Silver Eagles available this week.

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 / Weekly Sales Last Week Nov Sales Dec Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins* N/A N/A 80,500 N/A 626,500
$25 American Eagle 1/2 Oz Gold Coins 0 0 7,000 0 74,000
$10 American Eagle 1/4 Oz Gold Coins* N/A N/A 12,000 N/A 158,000
$5 American Eagle 1/10 Oz Gold Coins* N/A N/A 100,000 N/A 980,000
$50 American Buffalo 1 Oz Gold Coins 0 3,000 38,000 0 219,000
$1 American Eagle 1 Oz Silver Coins 0 920,500 4,824,000 183,500 44,850,000
2015 Homestead 5 Oz Silver Coins* N/A 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 45,000
2015 Bombay Hook 5 Oz Silver Coins* 45,000
2015 Saratoga 5 Oz Silver Coins* N/A 45,000 35,800 9,200 45,000
Notify of

Inline Feedbacks
View all comments