Gold was nearly unchanged in quiet trading Monday as investors await Fed Chairman Ben Bernanke’s Congressional testimony on Tuesday morning.
"If he doesn’t say anything against tightening, I believe it’s going to increase the likelihood of stimulus. The gold market is going to attach itself to that and get appreciation," Reuters quoted Jeffrey Sica, chief investment officer of SICA Wealth.
Gold prices for August delivery dipped 40 cents to $1,591.60 an ounce on the Comex in New York, ranging between $1,577.20 and $1,594.60.
"The market wants to know what Bernanke is thinking," Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview that was relayed on Bloomberg. "The question now is will there will be any hint of new stimulus measures to stem the slowdown."
Gold prices last week advanced 0.8%.
In other New York precious metals futures:
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Falling for the first time in four sessions, silver prices for September delivery lost 4.8 cents, or 0.2%, to $27.321 an ounce. Silver traded from $26.860 to $27.425.
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Platinum prices for October delivery ended at $1,417.30 an ounce, dropping $17.90 or 1.2%. The PGM metal moved between $1,414.80 and $1,441.40.
- Palladium prices for September delivery declined $7.80, or 1.3%, to $577.85 an ounce. Prices traded from $575.50 to $586.00.
Last week, silver rose 1.7%, palladium added 0.9% and platinum fell 1.0%.
London Precious Metals
London precious metals were mostly lower. When comparing the latest London PM fixings:
- Gold declined $5.75, or 0.4%, to $1,589.75 an ounce,
- Silver fell 43.0 cents, or 1.6%, to $27.05 an ounce,
- Platinum dipped $4.00, or 0.3%, to $1,420.00 an ounce, and
- Palladium was unchanged at $581.00 an ounce
In bullion prices last week, gains included 0.5% for gold, 0.6% for silver and 0.7% for palladium. Platinum stepped back 1.8%.
U.S. Mint Bullion Coin Sales
Sales of U.S. Mint bullion coins climbed, but gains were relatively modest for a start to a new week.
Advancing the most were American Silver Eagles, up 97,000. The 99.9% fine silver coins often hit six digits on Mondays. U.S. Mint distributors also ordered 600 of the America the Beautiful 5 Ounce Silver Bullion Coins.
In gold bullion, sales of the one ounce America Gold Eagle rose 1,000.
The following are the latest daily, weekly, July and year-to-date bullion coin sales totals as published by the U.S. Mint.
| Sale of US Mint American Eagle and Buffalo Bullion Coins | |||
|---|---|---|---|
| Daily Gains | July Gains | YTD 2012 | |
| $50 American Gold Eagle Coins | 1,000 | 17,000 | 302,000 |
| $25 American Gold Eagle Coins | 0 | 0 | 56,000 |
| $10 American Gold Eagle Coins | 0 | 2,000 | 54,000 |
| $5 American Gold Eagle Coins | 0 | 0 | 175,000 |
| $50 American Buffalo Gold Coin | 0 | 1,500 | 76,500 |
| American Eagle Silver Coin | 97,000 | 1,003,000 | 18,395,000 |
| Sales of America the Beautiful 5 Oz. Bullion Silver Coins | |||
|---|---|---|---|
| Daily Gains | July Gains | All-Time Total | |
| 2012 El Yunque National Forest 5 oz. Silver Bullion Coins | 100 | 1,500 | 11,400 |
| 2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins | 500 | 2,700 | 5,900 |
| 2011 Olympic National Park 5 oz. Silver Bullion Coins | 0 | 100 | 85,300 |
| 2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins | 0 | 0 | 38,600 |
| 2011 Chickasaw Park 5 oz. Silver Bullion Coins | 0 | 0 | 28,900 |
| TOTAL | 600 | 4,300 | 170,100 |
The above U.S. Mint bullion coin sales are in coin totals, not the amount of ounces sold.
