Gold, Silver Bounce After Fed Statement

by CoinNews.net on June 17, 2015 · 0 comments

Gold Bullion

Gold and silver retreated Wednesday but then turned higher in after-hours trading

Gold and silver prices settled lower in normal trading on Wednesday, then bounced solidly higher in after-hours trade when the Fed released its latest monetary policy statement.

Gold for August delivery slipped $4.10, or 0.4%, to close at $1,176.80 an ounce on the Comex division of the New York Mercantile Exchange. In electronic trading after the Fed news, prices jumped toward $1,185.

"Gold prices are modestly higher in afternoon U.S. trading Wednesday, in the wake of the just-released FOMC statement that contained no significant surprises," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "However, the U.S. dollar index did weaken following the FOMC statement, which gave the gold and silver markets a mild boost."

Gold prices in regular hours traded between $1,173.90 and $1,183.30. They declined in the previous session by $4.90 or 0.4%.

Silver for July delivery shed 2 cents, or 0.1%, to settle at $15.95 an ounce. Silver prices ranged from $15.89 to $16.10. In later electronic trading, the precious metal hit $16.17. On Tuesday, prices fell by 12 cents or 0.7%.

In PGM futures on Wednesday:

  • July platinum declined $7.10, or 0.7%, to $1,072.70 an ounce, trading between $1,071.50 and $1,085.40.

  • Palladium for September delivery declined $12.45, or 1.7%, to $720.35 an ounce, ranging from $717.80 to $733.50.

London Precious Metals Prices

Earlier fixed London precious metals prices ended mostly lower, with gold nearly unchanged. In comparing London bullion prices from Tuesday PM to Wednesday PM:

  • Gold rose 25 cents to $1,178 an ounce,
  • Silver declined 5 cents, or 0.3%, to $15.98 an ounce,
  • Platinum lost $11, or 1%, $1,073 an ounce, and
  • Palladium fell $8, or 1.1%, to $731 an ounce.

US Mint Bullion Coin Sales in June

United States Mint bullion sales were unchanged Wednesday following exceptionally strong gains in the prior two sessions. 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 This Week May Sales June Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 9,500 13,500 13,500 33,500 169,500
$25 American Eagle 1/2 Oz Gold Coins 0 0 1,000 3,000 1,000 33,000
$10 American Eagle 1/4 Oz Gold Coins 0 2,000 4,000 10,000 6,000 64,000
$5 American Eagle 1/10 Oz Gold Coins 0 20,000 15,000 40,000 50,000 355,000
$50 American Buffalo 1 Oz Gold Coins 0 3,000 5,000 9,500 11,000 86,500
$1 American Eagle 1 Oz Silver Coins 0 650,000 825,000 2,023,500 2,450,000 19,396,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins*     12,000 42,000

 

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