Gold edged slightly higher Tuesday with gains moderated by a stronger U.S. dollar and continued profit-taking pressure.
Gold prices for December delivery crawled 60 cents higher to settle at $1,771.20 an ounce on the Comex in New York. Gold touched an intraday low of $1,753.20 and reached a high of $1,775.90.
"Since the gold rally is heavily predicated on QE3, this could shift the market psychology to one of cautious consolidation after the spate of strong gains. We remain bullish but believe the market needs a ‘breather’ before moving higher later in the year," analysts at HSBC said in a note, according to MarketWatch.
In other New York precious metals futures:
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Silver for December delivery added 35.1 cents, or 1.0%, to close at $34.718 an ounce. The white metal traded between $34.015 and $35.100.
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Platinum for October delivery declined $36.30, or 2.2%, to $1,636.30 an ounce, trading between $1,619.00 and $1,677.60.
- Palladium for December delivery fell $21.75, or 3.2%, to $667.35 an ounce, ranging from $663.20 to $689.95.
Platinum and palladium were pressured by news that South African miners accepted a labor deal. Until Monday, the PGM’s had been riding a streak of wins that started on September 3.
London Precious Metals
Precious metals in London were lower Tuesday, although gold was nearly unchanged. In comparing PM fixing prices:
- Gold declined 50 cents to $1,769.50 an ounce,
- Silver lost 47.0 cents, or 1.4%, to $34.06 an ounce,
- Platinum fell $27.00, or 1.6%, to $1,669.00 an ounce, and
- Palladium stepped back $10.00, or 1.4%, to $681.00 an ounce
U.S. Mint Bullion Coins
For a third straight day, sales advanced for each type of bullion coin sold by the U.S. Mint.
On Friday, gold coins held the spotlight with sales of 11,000 ounces. Attention turned to silver coins on Monday when sales were higher than each of the past two weekly totals.
Gold and silver coin levels were more muted Tuesday. The following grid offers the latest daily, September and year-to-date bullion sales as published by the U.S. Mint.
| Sales of US Mint American Eagle and Buffalo Bullion Coins | |||
|---|---|---|---|
| Daily Gains | September Gains | YTD 2012 | |
| $50 American Eagle Gold Coins | 1,500 | 31,000 | 378,500 |
| $25 American Eagle Gold Coins | 0 | 1,000 | 60,000 |
| $10 American Eagle Gold Coins | 0 | 0 | 58,000 |
| $5 American Eagle Gold Coins | 0 | 10,000 | 225,000 |
| $50 American Buffalo Gold Coins | 1,000 | 6,000 | 94,000 |
| American Eagle Silver Coins | 25,000 | 1,904,000 | 24,444,000 |
In related numismatic news, there is a strong possibility that the U.S. Mint could raise gold coin prices Wednesday.
| Sales of America the Beautiful 5 Oz. Silver Bullion Coins | |||
|---|---|---|---|
| Daily Gains | September Gains | All-Time Total | |
| 2012 El Yunque National Forest 5 oz. Silver Coins | 0 | 0 | 16,700 |
| 2012 Chaco Culture National Historical Park 5 oz. Silver Coins | 0 | 0 | 17,000 |
| 2012 Acadia National Park 5 oz. Silver Coins | 400 | 2,400 | 17,500 |
| 2012 Hawai’i Volcanoes 5 oz. Silver Coins | 0 | 10,400 | 10,400 |
| 2011 Olympic National Park 5 oz. Silver Coins | 0 | 0 | 85,900 |
| 2011 Vicksburg National Military Park 5 oz. Silver Coins | 0 | 0 | 39,500 |
| 2011 Chickasaw Park 5 oz. Silver Coins | 0 | 0 | 29,700 |
| TOTAL | 400 | 12,800 | 216,700 |
Sales figures above are in the number of coins sold, not in the amount of ounces sold.
