Most precious metals futures gained Tuesday following an extended U.S. holiday weekend for Labor Day. Silver advanced for its sixth increase in seven sessions, closing at its highest price in nearly three years. Gold climbed for the first time in four sessions, ending at its best price in more than six years.
Gold for December delivery surged $26.50, or 1.7%, to settle at $1,555.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since April 11, 2013 when gold ended at $1,564.90 an ounce.
"Equities are on the back foot, that’s what’s keeping gold higher. There’s a lot of uncertainty on the Brexit front, politics in Italy, protests in Hong Kong as well – a lot of stuff that’s positive for gold," Reuters quoted Ryan McKay, a commodity strategist at TD Securities.
Gold futures ranged from a low of $1,528 to a high of $1,558.90. They slipped 0.5% last week, their first weekly decline in five weeks, reducing their gain in August to 6.4%.
Meanwhile, silver for December delivery soared 89.5 cents, or 4.9%, to close at $19.237 an ounce. The settlement was the strongest since Sept. 26, 2016, when the precious metal finished at $19.596 an ounce. Silver futures traded between $18.36 and $19.40.
In other precious metals futures prices Tuesday:
October platinum advanced $23.90, or 2.6%, to $955.60 an ounce, ranging from $928 to $964.
- Palladium for December delivery lost $4, or 0.3%, to $1,535.20 an ounce, trading between $1,514 from $1,543.90.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold declined $11.80, or 0.8%, to $1,528.40 an ounce.
- Silver lost 9.5 cents, or 0.5%, to $18.385 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 increased by a combined 2,500 ounces in gold coins and 11,000 ounces in silver coins.
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 / Week / Sept||Last Week||July||August||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin**||1,500||500||2,000||6,500||88,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||3,000||1,000||23,000|
|$10 American Eagle 1/4 Oz Gold Coin***||0||0||2,000||2,000||30,000|
|$5 American Eagle 1/10 Oz Gold Coin****||5,000||0||15,000||5,000||170,000|
|$50 American Buffalo 1 Oz Gold Coin||500||500||500||1,500||50,000|
|$1 American Eagle 1 Oz Silver Coin||11,000||138,000||1,240,000||1,007,000||12,280,000|
|War in the Pacific 5 Oz Silver Coin||0||0||57,000||12,500||69,500|
|American Memorial Park 5 Oz Silver Coin*||0||0||0||2,000||80,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||40,000|
**The U.S. Mint adjusted the June total of 1oz Gold Eagles to 4,000 ounces from 4,500 ounces; the July amount to 2,000 ounces from 2,500 ounces and the August total to 6,500 ounces from 5,500 ounces.
***The U.S. Mint adjusted the August total of 1/4oz Gold Eagles to 2,000 ounces from 0 ounces.
****The U.S. Mint adjusted the August total of 1/10oz Gold Eagles to 5,000 ounces from 0 ounces.