Gold Prices Surge After Fed News

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

Rows of gold bullion

Gold and silver prices surged after the FOMC’s policy statement

Gold futures on Wednesday ended slightly higher for the fourth time in five sessions, and then rallied in after-hours trade when the Fed signaled a more cautious approach to raising interest rates.

Gold for April delivery added $3.10, or 0.3%, to settle at $1,151.30 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal ranged from a low of $1,144.90 to a high of $1,152.10. In later electronic trading, after the Fed news, gold prices jumped as high as $1,172.50 an ounce.

"Looks like investors got the best of both worlds in today’s FOMC statement," MarketWatch quoted Richard Gotterer, managing director and senior financial adviser at Wescott financial Advisory Group.

"While [the Fed] dropped the word ‘patient’, they provided some new guidance relating to employment and inflation, helping to push market expectations for when hikes will begin further out," he said. "Gold’s pop also comes at the expense of the dollar’s decline."

Gold prices declined in the prior session by $5, or 0.4%, closing at their lowest point since Nov. 6.

Silver for May delivery slipped 4 cents, or 0.2%, to close at $15.54 an ounce. Silver prices traded between $15.43 and $15.73. They moved over $15.90 an ounce in electronic trading.

In PGM futures on Wednesday:

  • April platinum eased $1.10, or 0.1%, to $1,092.60 an ounce, ranging from $1,087.60 to $1,199.20.

  • Palladium gained $2.50, or 0.3%, to $764.65 an ounce, trading between $757.10 and $770.50.

London Fix Precious Metals

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

  • Gold lost $3.50, or 0.3%, to $1,147.25 an ounce,
  • Silver fell 9 cents, or 0.6%, to $15.47 an ounce,
  • Platinum declined $11, or 1%, to $1,088 an ounce, and
  • Palladium shed $4, or 0.5%, to $761 an ounce.

US Mint Bullion Coin Sales in March

United States Mint bullion sales were unchanged Wednesday as of 3:10 PM ET. This listing of U.S. Mint bullion products show the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Wednesday Sales Last Week Current Week February Sales March Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 14,000 5,000 12,500 21,500 85,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 0 2,000 4,000 24,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 2,000 0 4,000 40,000
$5 American Eagle 1/10 Oz Gold Coins 0 20,000 10,000 50,000 50,000 215,000
$50 American Buffalo 1 Oz Gold Coins 0 2,000 3,500 12,000 7,000 53,500
$1 American Eagle 1 Oz Silver Coins 0 844,000 608,000 3,022,000 2,039,000 10,591,000
2015 Homestead 5 Oz Silver Coins 0 8,000 0 20,000 8,000 28,000

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