Precious metals rebounded Tuesday as the U.S. dollar declined. Gold futures logged their first increase in three sessions, climbing from a two-week low.
Gold for December delivery gained $2.70, or 0.2%, to settle at $1,346.10 an ounce on the Comex division of the New York Mercantile Exchange. Investors are looking ahead to the Federal Reserve’s annual economic policy symposium held in Jackson Hole, Wyoming.
"Gold has prepared itself for any fallout in economic data, any dovish posture from a Fed official," Bloomberg News quoted Phil Streible, senior market strategist at RJO Futures in Chicago. "Gold is going to hold around the $1,350 level coming up into that Friday event at Jackson hole, where Yellen might lean more hawkish or dovish."
Gold futures traded from a low of $1,338.90 to a high of $1,348.80. They fell 0.2% on Monday, ending at their lowest level since Aug. 8.
Elsewhere, silver for September delivery rose 6.3 cents, or 0.3%, to settle at $18.922 an ounce. Silver futures ranged from $18.83 to $19.09. In the previous session, they plunged 2.4%.
In rounding out metals trading:
October platinum added $3.10, or 0.3%, to $1,111.30 an ounce, trading between $1,103.50 and $1,116.30.
- Palladium for September delivery settled up $7.70, or 1.1%, to $699.85 an ounce, ranging from $683.15 to $703.20.
Last week, platinum fell 1% while palladium surged 2.7%.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold rose $6.10, or 0.5%, to $1,342 an ounce.
- Silver added 7 cents, or 0.4%, to $18.98 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 products posted gains of 2,000 ounces in gold coins and 247,500 ounces in silver coins. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion 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||July Sales||Aug Sales||2016 Sales|
|$100 American Eagle 1 Oz Platinum Coins||0||0||0||19,000||0||19,000|
|$50 American Eagle 1 Oz Gold Coins||1,000||5,000||3,500||30,000||35,000||471,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||1,000||1,000||2,000||3,000||51,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||2,000||0||10,000||2,000||98,000|
|$5 American Eagle 1/10 Oz Gold Coins||10,000||5,000||10,000||50,000||45,000||600,000|
|$50 American Buffalo 1 Oz Gold Coins||0||1,500||0||10,000||5,000||127,500|
|$1 American Eagle 1 Oz Silver Coins||245,000||255,000||430,000||1,370,000||1,010,000||28,630,500|
|2016 Shawnee 5 Oz Silver Coins*||0||0||0||0||0||105,000|
|2016 Cumberland Gap 5 Oz Silver Coins*||0||0||0||0||0||75,000|
|2016 Harpers Ferry 5 Oz Silver Coins||500||400||500||0||900||35,100|