Precious metals futures rallied on Tuesday as the U.S. dollar settled lower and oil prices moved higher. Silver marked an 11-month high. Gold’s close was the best in a week.
Gold for June delivery advanced $19.30, 1.6%, to end at $1,254.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since last Tuesday when the yellow metal closed at $1,260.90 an ounce.
"The significantly weaker dollar has helped to underpin several buck-denominated precious metals and commodities of late," MarketWatch quoted Fawad Razaqzada, technical analyst at Forex.com and City Index.
Gold prices ranged from a low of $1,229 to a high of $1,258.50. The edged up 40 cents in the previous session.
Silver for May delivery surged 71.9 cents, or 4.4%, to close at $16.972 an ounce. The settlement was the highest since May 22, when prices ended at $17.05 an ounce. Silver prices traded between $16.18 and $17.11. On Monday, they declined 0.4%.
In other precious metals futures on Tuesday:
-
July platinum gained $37.90, or 3.9%, to $1,015.70 an ounce, ranging from $976 to $$1,018.50.
- Palladium for June delivery rose $14.15, or 2.5%, to $582.15 an ounce, trading between $563.95 and $586.40.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold added $21.10, or 1.7%, to $1,255.40 an ounce.
- Silver added 42 cents, or 2.6%, to $16.62 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales in 2016
U.S. Mint bullion coins jumped on Monday with sales of:
- 5,000 ounces in American Gold Eagles;
- 78,500 ounces in American Silver Eagles; and
- 25,000 ounces in Cumberland Gap Five Ounce Silver Bullion Coins.
The U.S. Mint this week allocated sales of American Silver Eagles to 1 million coins. Distributors order 75.5% through Tuesday. 2016 Silver Eagles are at a record sales pace of 17,755,000 coins — 31.6% higher than the same time in record year 2015.
Below is a sales breakdown of United States Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Tuesday Sales | Last Week | This Week | Mar Sales | Apr Sales | 2016 Sales | |
| $50 American Eagle 1 Oz Gold Coins | 5,000 | 29,500 | 15,000 | 29,000 | 63,000 | 248,500 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 2,000 | 1,000 | 1,000 | 4,000 | 34,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 0 | 6,000 | 0 | 4,000 | 8,000 | 60,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 0 | 10,000 | 0 | 75,000 | 30,000 | 350,000 |
| $50 American Buffalo 1 Oz Gold Coins | 0 | 6,000 | 2,000 | 7,000 | 14,000 | 74,000 |
| $1 American Eagle 1 Oz Silver Coins | 78,500 | 1,036,000 | 755,000 | 4,106,000 | 2,912,500 | 17,755,000 |
| 2016 Shawnee 5 Oz Silver Coins | 0 | 0 | 0 | 0 | 0 | 105,000 |
| 2016 Cumberland Gap 5 Oz Silver Coins | 5,000 | 0 | 53,000 | 0 | 53,000 | 53,000 |
