Gold Bounces from 7-Week Low After Fed Minutes

by CoinNews.net on February 18, 2015 · 0 comments

Gold Bullion and Coins

Gold settled at a seven-week low but rebounded in after-hours trading

Gold dropped to a seven-week low Wednesday, but then climbed in after-hours trade following the release of minutes from the Fed’s last policy meeting.

Gold for April delivery declined $8.40, or 0.7%, to settle at $1,200.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from a low of $1,197.20 to a high of $1,211.60. The settlement price was the weakest since gold ended at $1,186.20 on Jan. 2.

Gold in later electronic trading was above $1,209 an ounce, gaining support from dovish-read Fed minutes.

"I don’t think the Fed is going to be in any hurry to raise rates for a long, long time. As such, I think sentiment surrounding gold in the intermediate term should be positive," MarketWatch quoted Adam Koos, president of Libertas Wealth Management.

Silver for March delivery fell 11 cents, or 0.7%, to close at $16.27 an ounce. Silver prices traded between $16.23 and $16.55. The precious metal was also on the rise late in the afternoon, up near $16.50 an ounce.

In PGM futures on Wednesday:

  • April platinum lost $9.80, or 0.8%, to $1,167.20 an ounce, ranging from $1,163.10 to $1,183.40.

  • Palladium for March delivery settled down $6.65, or 0.9%, to $776.60 an ounce, trading between $775.40 and $785.

London Fix Precious Metals

Earlier fixed London precious metals declined. In comparing London bullion Fix prices from Tuesday PM to Wednesday PM:

  • Gold shed $3.50, or 0.3%, to $1,206 an ounce,
  • Silver dropped 40 cents, or 2.4%, to $16.42 an ounce,
  • Platinum declined $20, or 1.7%, to $1,172 an ounce, and
  • Palladium lost $7, or 0.9%, to $779 an ounce.

US Mint Bullion Coin Sales in February

United States Mint bullion sales were unchanged Wednesday as of 3:20 PM ET but they did rise late in the day on Tuesday. Those gains are shown below.

American Eagle and Buffalo Bullion Sales (# of coins)
Tuesday Sales Last Week January Sales February Sales YTD Sales
$50 American Eagle Bullion Gold Coins 1,500 2,500 51,500 6,000 57,500
$25 American Eagle Bullion Gold Coins 0 2,000 18,000 2,000 20,000
$10 American Eagle Bullion Gold Coins 0 0 36,000 0 36,000
$5 American Eagle Bullion Gold Coins 5,000 30,000 115,000 40,000 155,000
$50 American Buffalo Bullion Gold Coins 2,000 4,000 34,500 8,000 42,500
$1 American Eagle Silver Bullion Coins 625,000 772,500 5,530,000 2,149,500 7,679,500
2015 Homestead 5 Oz Silver Bullion Coins 14,200 N/A N/A 14,200 14,200
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0
Shenandoah National Park 5 Oz Silver Bullion Coins* 0 0 600 0 600
Arches National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0
Great Sand Dunes 5 Oz Silver Bullion Coins* 0 0 0 0 0
Everglades 5 Oz Silver Bullion Coins* 0 0 0 0 0

 

Coins with an asterisk (*) have sold out.

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