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|