Three of four major precious metals futures advanced Tuesday, led by gold which climbed 1.4% after dropping 1.7% on Monday.
Gold for August delivery bounced $18.70 to settle at $1,408 an ounce on the Comex division of the New York Mercantile Exchange.
"There is a continuity to buying the big dips, selling the big rallies as we also continue to stay in the new higher trading range [of] $1,385-$1,450," said George Gero, managing director at RBC Wealth Management, in a daily note according to MarketWatch. "Longer term, gold is still reacting to coming inflation. Most countries worry about a global slowdown, and lower rates continue in at least 22 countries. All this means most central banks are in favor of continued easing as well."
Gold futures ranged from a low of $1,386.20 to a high of $1,410.80. Last Tuesday, they closed at $1,418.70 an ounce for their highest settlement since Aug. 28, 2013.
Silver for September delivery rose 4.5 cents, or 0.3%, to settle at $15.238 an ounce. Silver futures traded between $15.07 and $15.29. They declined 1% on Monday.
In other precious metals futures Tuesday:
October platinum gave back $3.70, or 0.4%, to $833.50 an ounce, ranging from $828.30 to $843.30.
- Palladium for September delivery added $8.10, or 0.5%, to $1,552.80 an ounce, trading between $1,535 and $1,554.90.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold edged up 95 cents, or less than 0.1%, to $1,391.05 an ounce.
- Silver declined 9 cents, or 0.6%, to $15.17 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint 2019 Bullion Sales
United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint 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 / July||Last Week||April||May||June||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||1,000||6,500||3,500||4,500||78,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||0||0||19,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||0||0||26,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||25,000||5,000||5,000||145,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||6,500||3,000||3,000||47,500|
|$1 American Eagle 1 Oz Silver Coin||0||485,000||1,196,000||866,000||1,035,000||10,022,000|
|American Memorial Park 5 Oz Silver Coin||0||0||N/A||78,000||0||78,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||6,500||N/A||0||40,000|