Gold prices rallied Tuesday after falling for two straight sessions. February gold prices rose $23.40, or 1.5%, to $1,631.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices moved between $1,609.20 an ounce and $1,641.40 an ounce. Weakness in the U.S. dollar was a major contributor to higher prices, opined analysts.
"Comex February gold futures prices ended the U.S. day session solidly higher Tuesday and hit a fresh two-week high. The key ‘outside markets’ were in a bullish posture for the precious metals Tuesday, as the U.S. dollar index was weaker and crude oil prices were higher," noted Jim Wyckoff of Kitco News.
"Investor risk appetite was on the upswing Tuesday and the precious metals benefited, acting like a risk asset on this given day. The gold market has in recent weeks acted more like a risk asset and followed the raw commodity market pack in closer fashion, but it’s still my bias that the new year will find gold also trading more like a safe-haven asset during times of keener uncertainty in the market place," Wyckoff added.
In other New York futures closings on Tuesday, March silver prices added $1.03, or 3.6%, to $29.82 an ounce, March palladium prices added $17.35, or 2.8%, to $635.20 an ounce and April platinum prices added $35.00, or 2.4%, to $1,464.60 an ounce.
United States Mint Bullion Coins
Sales of United States Mint bullion coins have been strong this week. The Mint’s most popular American Eagles have shown particular strength. The 1 oz. American Gold Eagle has gained 6,000 since Monday, lifting its January total to 59,000. For the month and across all the Gold Eagle bullion coins, sales are at 82,500 ounces, the best level since September.
American Silver Eagle bullion coins have rallied 710,000 this week, bringing their monthly total to over 4.2 million. With only ten days into January 2012, the monthly amount is the third highest since the start of 2011.
The latest United States Mint bullion figures are provided below in the daily, and January 2012 columns.
|United States Mint 2012 Bullion Coin Sales|
|Monday Gains||Tuesday Gains||January 2012|
|1 oz American Gold Eagles||3,500||2,500||59,000|
|1/2 oz American Gold Eagles||2,000||2,000||17,000|
|1/4 oz American Gold Eagles||0||0||30,000|
|1/10 oz American Gold Eagles||0||0||75,000|
|1 oz American Gold Buffalo||0||4,000||7,500|
|5 oz America the Beautiful Silver||500||-||1,500|
|1 oz American Silver Eagle||410,000||300,000||4,257,000|
Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coins on Monday, January 9, 2012. All other figures have an “as of date” of Tuesday, January 10, 2012, as published on the Mint website.
In major United States Mint news this week, not necessarily related to bullion, the following articles are of note:
- Price Hikes for US Mint Gold Coins – CoinNews.net
- America the Beautiful Quarters Silver Set Released – SilverCoinsToday.com
The first article discusses the likely chances that the United States Mint will raise the prices on several of its numismatic gold coins as a result of higher gold prices. The second article talks about the newly released quarters set from the United States Mint. The quarters are composed of 90% silver and 10% copper.
London Bullion Prices
Earlier fixed London bullion prices advanced, setting the tone for later closing New York futures prices. From the Monday PM to Tuesday PM London fixings:
- Gold prices added $22, or 1.4%, to $1,637 an ounce,
- Silver added 84 cents, or 2.9%, to $29.69 an ounce,
- Palladium added $27, or 4.4%, to $643 an ounce, and
- Platinum added $59, or 4.2%, to $1,462 an ounce
Refer to this site’s home page for always updated bullion prices and news.