Most precious metals declined Tuesday. Gold was the exception, rising for a second straight session after marking a two-month settlement low on Friday.
Gold for August delivery rose $16.80, or 1%, to settle at $1,721.90 an ounce on the Comex division of the New York Mercantile Exchange. Investors are looking ahead to the Wednesday’s release of the Federal Open Market Committee (FOMC) policy statement.
"The Fed will continue to have uber dovish policies, they will continue to suppress real rates and that’s the main driver for gold purchases over the last few months," said Daniel Ghali, commodity strategist at TD Securities, adding that the macro implications will continue to support gold.
The policy-setting FOMC kicked off its two-day meeting on Tuesday and will release its statement at 2 p.m. EDT on Wednesday.
Gold futures ranged from a low of $1,697.60 to a high of $1,729.40. They tacked on 1.3% on Monday. On Friday, they ended at their weakest point since April 3.
Silver for July delivery shed 9.9 cents, or 0.6%, to settle at $17.794 an ounce. Silver futures traded between $17.68 and $17.99. They gained 2.4% on Monday. On Friday, they ended at their lowest price since May 21.
In other precious metals futures prices Tuesday:
-
July platinum dipped 60 cents, or 0.07%, to $860.60 an ounce, ranging from $842.20 to $868.
- Palladium for September delivery fell $69.80, or 3.4%, to $1,967.10 an ounce, trading between $1,936.40 $2,056.50.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold added $23.15, or 1.4%, to $1,713.50 an ounce.
- Silver was unchanged at $17.63 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged Tuesday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | |||||||
|---|---|---|---|---|---|---|---|
| Tuesday | Last Week | This Week | April | May | June | 2020 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 2,500 | 16,000 | 105,000 | 5,500 | 18,500 | 303,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 0 | 6,000 | 1,000 | 40,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 0 | 12,000 | 0 | 52,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 0 | 0 | 0 | 175,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 500 | 3,500 | 28,500 | 2,500 | 4,000 | 122,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 450,000 | 0 | 750,000 | 490,000 | 450,000 | 11,668,500 |
| $1 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 1,500 | 0 | 0 | 56,500 |
In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.
