Gold surged to a more than four-month high Thursday, riding a wave of momentum garnered Wednesday when minutes from the latest Federal Reserve meeting revealed improved odds for more stimulus.
Gold for December delivery gained $32.30, or 2.0%, to close at $1,672.80 an ounce. The settlement price was the highest for gold since April 12. Intraday prices ranged between $1,654.50 and $1,677.50.
"Gold is exploding today as inflation concerns are back," Adam Klopfenstein, the senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview relayed on Bloomberg. "A combination of rising commodity prices and the chances of more easing coming in the U.S. is stoking inflation worries."
In other New York precious metals closing prices:
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Silver for December delivery soared 90.0 cents, or 3.0%, to $30.456 an ounce — the highest settlement price since May 2. Silver traded between $29.76 and $30.79.
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Platinum for October delivery advanced $28.40, or 1.9%, to $1,554.90 an ounce, ranging from $1,530.70 to $1,563.60.
- Palladium for September delivery rallied $27.85, or 4.4%, to $656.60 an ounce, ranging from $628.70 to $658.00.
London Precious Metals
Sharp gains were also seen in London precious metals. When comparing the London PM Fix prices:
- Gold added $23.25, or 1.4%, to $1,665.25 an ounce,
- Silver soared 99.0 cents, or 3.4%, to $30.32 an ounce,
- Platinum advanced $22.00, or 1.4%, to $1,540.00 an ounce, and
- Palladium gained $10.00, or 1.6%, to $638.00 an ounce
Sales of U.S. Mint Bullion Coins
U.S. Mint bullion gold coins climbed for a second straight day. Advances on Thursday were stronger with sales of 2,500 ounces of 22-karat American Gold Eagles and 1,000 ounces of 24-karat American Gold Buffalo coins. The previous gain was limited to 1,000 ounces of Gold Eagles.
The following grid offers the most recent daily, August and year-to-date bullion coin sales, as published by the U.S. Mint.
| Sales of US Mint American Eagle and Buffalo Bullion Coins | |||
|---|---|---|---|
| Daily Gains | August Gains | YTD 2012 | |
| $50 American Eagle Gold Coins | 2,000 | 19,500 | 333,000 |
| $25 American Eagle Gold Coins | 0 | 1,000 | 57,000 |
| $10 American Eagle Gold Coins | 0 | 0 | 54,000 |
| $5 American Eagle Gold Coins | 5,000 | 15,000 | 205,000 |
| $50 American Buffalo Gold Coins | 1,000 | 6,500 | 85,500 |
| American Silver Eagle Coins | 0 | 2,021,000 | 21,691,000 |
| Sales of America the Beautiful 5 Oz. Silver Bullion Coins | |||
|---|---|---|---|
| Daily Gains | August Gains | All-Time Total | |
| 2012 El Yunque National Forest 5 oz. Silver Coins | 0 | 600 | 13,800 |
| 2012 Chaco Culture National Historical Park 5 oz. Silver Coins | 0 | 1,100 | 8,500 |
| 2012 Acadia National Park 5 oz. Silver Coins | 0 | 5,200 | 15,100 |
| 2011 Olympic National Park 5 oz. Silver Coins | 0 | 300 | 85,800 |
| 2011 Vicksburg National Military Park 5 oz. Silver Coins | 0 | 100 | 39,200 |
| 2011 Chickasaw Park 5 oz. Silver Coins | 0 | 100 | 29,500 |
| TOTAL | 0 | 7,400 | 191,900 |
All U.S. Mint bullion sales above are in coin totals, not in amount of ounces sold.
