Gold Prices Gain 1.1%, Silver Jumps 3.9%

Gold and silver futures on Tuesday advanced for the first time in four sessions when safe-haven buying returned.

Gold prices for December delivery gained $15.90, or 1.1%, to finish at $1,412 an ounce on the Comex division of the New York Mercantile Exchange. Gold ranged from $1,373.60 to $1,416.40.

"The rise in gold prices is mainly due to safe-haven demand after Israel test-fired rockets in the Mediterranean Sea," MarketWatch quoted Chintan Karnani, chief analyst at Insignia Consultants in New Delhi. "There are concerns that there could be indirect forms of attack on Syria before the U.S. Congress [meets] next week."

U.S. markets were closed Monday for Labor Day. On Friday, gold finished August with a 6.3% increase from the last settlement in July of $1,313 an ounce.

Silver futures for December delivery soared 91.6 cents, or 3.9%, to end at $24.43 an ounce. Silver prices traded from an intraday low of $23.11 to a high of $24.53. The white metal rallied $3.89, or 19.8%, in August.

PGMs split yet again on Tuesday. In their end-of-day settlements:

• Up for a second session, October platinum rose $11.10, or 0.7%, to $1,538.20 an ounce. The metal ranged from $1,512.90 to $1,540.90.

• Down for a fourth straight session, palladium for December delivery declined $5.90, or 0.8%, to $717.95 an ounce. Palladium traded between $714.25 and $731.75.

The two split in August as well with platinum gaining 6.8% and palladium falling 0.3%.

London Fix Precious Metals

London precious metal fixings were unchanged to higher. When comparing the Monday PM to Tuesday PM London Fix prices:

• Gold prices added $7.25, or 0.5%, to $1,399.50 an ounce,
• Silver gained 24 cents, or 1%, to $24.21 an ounce,
• Platinum rose $5, or 0.3%, to $1,529 an ounce, and
• Palladium was unchanged at $724 an ounce

U.S. Mint Bullion Sales in September

United States Mint bullion coins have yet to enter the sales boards for September.

Figures above are in the number of coins sold, not in ounces.