Gold, Silver Gain After FOMC Minutes

by CoinNews.net on May 20, 2015 · 0 comments

Three silver bullion bars

Gold and silver prices rebounded Wednesday

Gold settled higher on Wednesday for the sixth time in seven sessions, then added to gains in later electronic trading following the release of minutes from the FOMC’s April meeting.

Gold for June delivery rose $2, or 0.2%, to close at $1,208.70 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded from a low of $1,202.70 to a high of $1,213.20.

"Gold prices were trading with modest gains in afternoon U.S. trading Wednesday, on a corrective bounce from the strong selling pressure seen Tuesday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The latest minutes of the Federal Reserve’s Open Market Committee meeting produced just a little upside movement in the gold market."

Gold was last above $1,211 an ounce in electronic trading, after the Fed meeting notes signaled a rate increase in June was unlikely. Prices on Tuesday slid 1.7% following five-straight session gains.

Silver for July delivery added 4 cents, or 0.3%, to settle at $17.11 an ounce. Prices ranged from $16.94 to $17.28. The white metal rose modestly in after-hours trade, rising about 2 cents more.

In PGM futures on Wednesday:

  • July platinum gained $6, or 0.5%, to $1,156.90 an ounce, trading between $1,148.40 and $1,160.60.

  • Ending higher for the first time in three days, palladium for June delivery rose $1.70, or 0.2%, to $776.85 an ounce, ranging from $772.95 to $786.90.

London Precious Metals Prices

Earlier fixed London precious metals prices declined as a group for a second day. In comparing London bullion prices from Tuesday PM to Wednesday PM:

  • Gold lost $3.80, or 0.3%, to $1,210.50 an ounce,
  • Silver fell 33 cents, or 1.9%, to $17.07 an ounce,
  • Platinum lost $2, or 0.2%, to $1,153 an ounce, and
  • Palladium declined $3, or 0.4%, to $781 an ounce.

US Mint Bullion Coin Sales in May

United States Mint bullion sales were unchanged Wednesday as of 3:51 PM ET. Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Wednesday Sales Last Week Weekly Sales April Sales May Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 1,000 500 23,500 4,000 126,500
$25 American Eagle 1/2 Oz Gold Coins 0 2,000 0 4,000 2,000 31,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 0 4,000 6,000 54,000
$5 American Eagle 1/10 Oz Gold Coins 0 5,000 0 30,000 20,000 285,000
$50 American Buffalo 1 Oz Gold Coins 0 2,000 1,000 10,000 4,500 70,500
$1 American Eagle 1 Oz Silver Coins 0 225,000 250,000 2,851,500 1,308,500 16,231,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 0 0 0 30,000 12,000 42,000

 

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