Gold futures rallied to a more than 5-month high Tuesday as the demand for safe-havens climbed on rising geopolitical tensions.
Gold for June delivery gained $20.30, or 1.6%, to settle at $1,274.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Nov. 8 when prices ended 30 cents higher.
"Buy stop orders were triggered in the futures market in early U.S. trading when prices pushed above last week’s high and also moved above the key 200-day moving average," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Increasing risk aversion in the marketplace early this week has also propelled the safe-haven metal."
Gold futures ranged from a low of $1,254.70 to a high of $1,275.90. They dipped 0.3% in their start to the week on Monday.
Elsewhere, silver for May delivery tacked on 33.9 cents, or 1.9%, to settle at $18.254 an ounce. The close is the strongest since last Tuesday, April 4. Silver futures traded between $17.91 and $18.32. In the previous session, silver prices dropped 1.3%.
In other precious metals futures:
July platinum advanced $29.50, or 3.1%, to $969.50 an ounce, ranging from $941.60 to $971.50.
- Palladium added $13.10, or 1.7%, to $803.10 an ounce, trading between $787.10 and $806.95.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Monday PM to Tuesday PM:
- Gold rose $2.85, or 0.2%, to $1,252.90 an ounce.
- Silver was flat at $17.94 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 2017
U.S. Mint bullion sales logged gains of 1,000 ounces in gold coins and 51,500 ounces in silver coins. Below is a sales breakdown of U.S. bullion products with columns listing 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||Mar Sales||April Sales||2017 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||500||1,500||500||16,000||2,000||125,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||1,000||0||25,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||4,000||2,000||46,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||0||35,000||5,000||195,000|
|$50 American Buffalo 1 Oz Gold Coin||500||1,000||500||8,500||1,500||57,000|
|$1 American Eagle 1 Oz Silver Coin||50,000||255,000||125,000||1,615,000||380,000||8,337,500|
|2017 Frederick Douglass 5 Oz Silver Coin||300||9,700||2,300||N/A||12,000||12,000|
|2017 Effigy Mounds 5 Oz Silver Coin||0||600||0||200||600||20,300|