Precious metals futures advanced Tuesday. Gains for gold were again modest but enough to drive prices near a two-week high.
Gold for December delivery settled up $6.30, or 0.5%, to $1,262.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Wednesday, Oct. 5.
"Short covering in the futures market and perceived value-buying in the cash market were featured today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
"Slightly higher crude oil prices Tuesday were also mildly bullish the raw commodity sector in general, including precious metals," Wyckoff added.
Gold futures ranged from a low of $1,255.90 to a high of $1,265.60. In the previous session, they edged up less than 0.1%.
Higher for a second day in a row after falling for four straight, silver for December advanced 16.4 cents, or 0.9%, to $17.638 an ounce. Silver futures traded between $17.45 and $17.73. They rose 0.2% on Monday.
In rounding out metals trading Tuesday:
January platinum added $10.30, or 1.1%, to $946.50 an ounce, ranging from $938 and $954.
- Palladium for December delivery moved up $1.60, or 0.3%, to $639.40 an ounce, trading between $636.65 and $647.80.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Monday PM to Tuesday PM:
- Gold gained $3.40, or 0.3%, to $1,258.20 an ounce.
- Silver added 25 cents, or 1.4%, to $17.65 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 registered gains of 13,000 ounces in gold coins and 1,000 ounces in silver coins. Below is a sales breakdown of U.S. Mint bullion coins 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||Sept Sales||Oct Sales||2016 Sales|
|$100 American Eagle 1 Oz Platinum Coins*||–||20,000|
|$50 American Eagle 1 Oz Gold Coins||7,500||15,500||16,000||79,000||73,500||638,500|
|$25 American Eagle 1/2 Oz Gold Coins||1,000||3,000||2,000||5,000||6,000||62,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||2,000||2,000||16,000||10,000||126,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||25,000||10,000||85,000||50,000||750,000|
|$50 American Buffalo 1 Oz Gold Coins||5,000||4,000||7,000||17,500||19,000||168,000|
|$1 American Eagle 1 Oz Silver Coins||0||695,000||675,000||1,675,000||2,775,000||33,350,500|
|2016 Shawnee 5 Oz Silver Coins*||–||105,000|
|2016 Cumberland Gap 5 Oz Silver Coins*||–||75,000|
|2016 Harpers Ferry 5 Oz Silver Coins||200||0||200||200||200||36,500|
|2016 Theodore Roosevelt 5 Oz Silver Coins||0||800||800||2,000||2,600||32,100|