Precious metals futures advanced on Wednesday with gold, silver and platinum logging a second day of gains while palladium moved ahead for a seventh session in a row. The metals then moved even higher in after-hours trade following the release of the Fed’s latest monetary policy statement.
Gold for December delivery added $6.20, or 0.5%, to settle $1,334.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold futures traded from a low of $1,323 to a high of $1,336.80. They rose 0.1% in the previous session. In electronic trading after the Fed news, gold prices moved toward $1,341 an ounce.
"The afternoon FOMC statement that showed no change in U.S. interest rates did not move gold and silver markets much, initially, but they began to rally after traders and investors reckoned the statement did not contain any new hawkish elements on U.S. monetary policy, and arguably favored the doves," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a note.
Silver for September delivery tacked on 31.2 cents, or 1.6%, to settle at $19.995 an ounce. Silver futures ranged from $19.57 to $20.18. They gained 0.2% on Tuesday. The precious metal was last near $20.32 an ounce in after-hours trading.
In PGM futures on Wednesday:
October platinum advanced $29.20, or 2.7%, to $1,128.20 an ounce, trading between $1,093.50 and $1,144.10.
- Palladium for September delivery gained $11.10, or 1.6%, to $703.90 an ounce, ranging from $686.75 to $707.90.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $6, or 0.5%, to $1,329 an ounce.
- Silver dipped a dime, or 0.5%, to $19.58 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales in 2016
United States Mint bullion sales were unchanged Wednesday following two days of wide gains. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.
|US Mint Bullion Sales (# of coins)|
|Wednesday Sales||Last Week||This Week||June Sales||July Sales||2016 Sales|
|$100 American Eagle 1 Oz Platinum Coins||0||N/A||18,400||N/A||18,400||18,400|
|$50 American Eagle 1 Oz Gold Coins||0||7,000||3,500||62,500||26,000||432,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||0||0||3,000||2,000||48,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||4,000||2,000||10,000||10,000||96,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||15,000||20,000||70,000||45,000||550,000|
|$50 American Buffalo 1 Oz Gold Coins||0||3,5000||1,500||14,500||9,500||122,000|
|$1 American Eagle 1 Oz Silver Coins||0||500,000||150,000||2,837,500||1,345,000||27,595,500|
|2016 Shawnee 5 Oz Silver Coins||0||0||0||0||0||105,000|
|2016 Cumberland Gap 5 Oz Silver Coins||0||0||0||0||0||75,000|
|2016 Harpers Ferry 5 Oz Silver Coins||0||0||0||34,200||0||34,200|