Gold advanced for a third straight session Tuesday, notching a gain of $46.60, or 2.9%, since prices last fell on April 4. Support for the yellow metal was attributed to safe-haven demand.
"People are now looking at gold as a flight-to-quality investment rather than a classic commodity in this fear environment," Adam Klopfenstein, a market strategist at Archer Financial Services Inc., based in Chicago, said in a telephone interview that was recounted on Bloomberg.
Gold prices for June delivery advanced $16.80, or 1.0%, to $1,660.70 an ounce on the Comex in New York. Gold prices moved between an intraday low of $1,632.50 and a high of $1,664.80.
Silver prices for May delivery edged up 15.5 cents, or 0.5%, to $31.679 an ounce, ranging from $31.11 to $31.94.
"Silver is in large supply surplus, but should follow gold higher, given its strong positive correlation with the metal, although the downside risks here are particularly pronounced," Anne-Laure Tremblay, precious-metals strategist at BNP Paribas, wrote in a research report cited on MarketWatch.
"Platinum also faces a large supply surplus … [and] supply issues in South Africa will provide additional support … in 2012," she said. "Palladium’s balance should tilt back into deficit in 2012, and we expect the price to increasingly reflect this."
Platinum prices for July delivery declined $24.50, or 1.5%, to $1,593.70 an ounce, trading between $1,584.30 and $1,634.90.
Palladium prices for June delivery lost $6.95, or 1.1%, to $636.85 an ounce, ranging from $629.00 to $653.20.
London Precious Metals
Earlier fixed London precious metals rose modestly following an extended break in the UK markets due to the Easter holiday. When comparing the most recent London PM fixings:
- Gold prices climbed $13.00, or 0.8%, to $1,644.00 an ounce,
- Silver ended up 28.0 cents, or 0.9%, to $31.55 an ounce,
- Platinum advanced $13.00, or 0.8%, to $1,605.00 an ounce, and
- Palladium added $4.00, or 0.6%, to $639.00 an ounce
U.S. Mint Bullion Coins
Sales of U.S. Mint bullion coins were unchanged Tuesday as of 3:53 PM ET.
The following are the available daily, April and year-to-date bullion coin sales totals as provided by the U.S. Mint.
| Sales of U.S. Mint American Eagle and Buffalo Bullion Coins | |||
|---|---|---|---|
| Daily Gains | April Gains | YTD 2012 | |
| American Gold Eagles (1 oz.) | 0 | 4,000 | 166,000 |
| American Gold Eagles (1/2 oz.) | 0 | 0 | 51,000 |
| American Gold Eagles (1/4 oz.) | 0 | 0 | 40,000 |
| American Gold Eagles (1/10 oz.) | 0 | 5,000 | 135,000 |
| American Gold Buffalo Coin (1 oz.) | 0 | 4,000 | 50,500 |
| American Silver Eagles | 0 | 560,000 | 10,699,000 |
| Sales of America the Beautiful 5 Oz. Bullion Silver Coins | |||
|---|---|---|---|
| Prior Weekly | Weekly Gains | All-Time Total | |
| Olympic National Park 5 oz. Silver Coins | 0 | 0 | 85,100 |
| Vicksburg National Military Park 5 oz. Silver Coins | 0 | 0 | 38,300 |
| Chickasaw Park 5 oz. Silver Coins | 0 | 200 | 28,900 |
| TOTAL | 0 | 200 | 152,300 |
All bullion sales in the above tables are in number of coins, not in the amount of ounces sold. The U.S. Mint last updated five ounce bullion silver coins sold on Monday, April 9.
