Bloomberg: U.S. Mint Gold Coin Sales Head for Second Straight Monthly Gain

Sales of gold coins by the U.S. Mint, the world’s largest, are heading for two straight monthly increases for the first time since January.

The volume climbed to 58,500 ounces so far this month from 58,000 ounces in September, which was more than double the demand in August, mint data shows. Coin sales totaled 91,500 ounces in January and 56,000 ounces in December.

Bullion dropped to this year’s low on Oct. 6 amid concern that the Federal Reserve will raise interest rates as the economy showed signs of strength. The price then climbed as much as 6.1 from the low as demand for haven assets revived after the central bank cited slowing foreign economies as a risk to the U.S.

“We are seeing an increase in purchases, and people want to hedge against a global slowdown,” Scott Carter, the chief executive officer of Los Angeles-based Lear Capital, said in a telephone interview. “We expect the demand to sustain at current prices.”

Gold futures for December delivery settled 0.2 percent lower at $1,229.30 an ounce. Last quarter, the precious metal retreated 8.4 percent, and dropped to $1,183.30 on Oct. 6.

In September, Switzerland exported 172.6 metric tons of gold, the most in seven months, customs data showed. That “ties in well with the pick-up in physical demand,” UBS AG said in a report on Oct. 21.