Gold prices bounced 1.6% higher Wednesday after falling 2.5 percent in the previous session. Bargain hunting and a weaker U.S. dollar were among factors analysts cited for gains.
"Physical demand has been reinvigorated at these price levels," Suki Cooper, an analyst at Barclays Capital in New York, said in a report cited on Bloomberg.
Gold prices advanced $25.60, or 1.6 percent, to close at $1,641.60 an ounce in the December futures contract on the Comex in New York. Prices traded from an intraday low of $1,596.60 to a high of $1,648.90.
"It’s starting to look like gold has finally found some stability as the stock markets around the world have stopped tanking, but that can evaporate in five minutes," Reuters quoted Frank McGhee, a head trader at Integrated Brokerage Services LLC.
Silver prices for December delivery rose 51.3 cents, or 1.7 percent, to $30.352 an ounce, ranging between $28.435 and $30.64.
Platinum prices for January delivery climbed $14.30, or 1.0 percent, to close at $1,482.90 an ounce, moving from a low of $1,434.50 to a high of $1,490.60.
Palladium prices for December delivery advanced $6.20, or 1.1 percent, to settle at $570.35 an ounce. Palladium traded between $535.00 and $579.05.
London Precious Metals Fixings
London precious metals declined heavily, with palladium tumbling the most. When comparing PM fixings on Wednesday to those on Tuesday, losses included gold by $21.00 to $1,617.00 an ounce, silver by $1.91 to $28.69 an ounce, platinum by $37.00 to $1,444.00 an ounce and palladium by $39.00 to $549.00 an ounce.
U.S. Mint Bullion Coin Sales
The U.S. Mint on Wednesday published sales gains across each of its one-ounce bullion products. The bullion Silver Eagle rose 225,000 after a rather tepid 50,000 increase on Tuesday. Its latest sales total and that of the other Mint bullion coins follows.
| Sales of U.S. Mint American Eagle and Buffalo Bullion Coins | |||
|---|---|---|---|
| Daily Gains |
October Gains |
YTD 2011 |
|
| Gold Eagle Coin (1 oz.) | 6,000 | 13,500 | 773,500 |
| Gold Eagle Coin (1/2 oz.) | 0 | 1,000 | 63,000 |
| Gold Eagle Coin (1/4 oz.) | 0 | 2,000 | 74,000 |
| Gold Eagle Coin (1/10 oz.) | 0 | 0 | 345,000 |
| Gold Buffalo Coin (1 oz.) | 2,000 | 5,000 | 137,500 |
| Silver Eagles (1 oz.) | 225,000 | 1,012,000 | 34.4235M |
| Sales of America the Beautiful 5 Oz. Silver Bullion Coins* | |
|---|---|
| YTD 2011 |
|
| Gettysburg National Military Park 5 oz. Silver Coin | 126,700 |
| Glacier National Park 5 oz. Silver Coin | 126,700 |
| Olympic National Park 5 oz. Silver Coin | 81,700 |
| Vicksburg National Military Park 5 oz. Silver Coin | 29,600 |
| Chickasaw Park 5 oz. Silver Coin | 19,100 |
| TOTAL | 386,600 |
*The Gettysburg and Glacier America the Beautiful Five Ounce Silver Bullion Coins are sold out. Unlike other investment-grade products, the United States Mint does not provide daily per coin sales totals for the Olympic, Vicksburg, and Chickasaw America the Beautiful Five Ounce Silver Bullion Coins. The individual totals are as of Thursday, September 29. The overall year-to-date total is current as of October 3 (2,800 of the five ounce coins have sold in October).
