Gold Extends Gains After FOMC Statement

by CoinNews.net on September 21, 2016 · 0 comments

999.9 Fine Gold Bar

Precious metals advanced Wednesday

Gold futures closed higher for a third session in a row Wednesday, then added to gains in later electronic trading when the FOMC released its latest monetary policy statement.

Gold for December delivery advanced $13.20, or 1%, to settle at $1,331.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Sept. 9. Gold futures ranged from a low of $1,310.90 to a high of $1,334.80.

Prices then rose more in after-hours trade, near the $1,333 an ounce mark, when the FOMC said it would leave interest rates unchanged.

"Gold has held on to the gains it had booked prior to the announcement as investors continue to question if the FOMC will be able to move by year end," MarketWatch quoted Chris Gaffney, president of World Markets at EverBank.

Gold climbed less than 0.1% on Tuesday and rose by 0.6% on Monday.

Meanwhile, silver for December delivery surged 49.1 cents, or 2.6%, to settle at $19.768 an ounce. Silver futures traded between $19.07 and $19.92. They fell by less than 0.1% in the previous session.

In PGM futures on Wednesday:

  • October platinum added $17, or 1.7%, to $1,047.90 an ounce, trading between $1,025.70 and $1,059.80.

  • Palladium for December delivery rose 40 cents to $683.90 an ounce, ranging from $676.85 and $696.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Tuesday PM to Wednesday PM:

  • Gold gained $12.30, or 0.9%, to $1,326.10 an ounce.
  • Silver gained 26 cents, or 1.4%, to $19.43 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

U.S. Mint bullion products posted gains of 6,000 ounces in American Gold Eagles and 500 ounces in American Gold Buffalo coins.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion 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 Aug Sales Sept Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 0 0 0 1,000 0 20,000
$50 American Eagle 1 Oz Gold Coins 5,000 18,500 14,000 50,000 52,000 538,000
$25 American Eagle 1/2 Oz Gold Coins 0 2,000 0 3,000 4,000 55,000
$10 American Eagle 1/4 Oz Gold Coins 0 4,000 0 4,000 10,000 110,000
$5 American Eagle 1/10 Oz Gold Coins 10,000 15,000 15,000 60,000 65,000 680,000
$50 American Buffalo 1 Oz Gold Coins 500 3,000 4,000 9,000 11,500 143,000
$1 American Eagle 1 Oz Silver Coins 0 740,000 205,000 1,280,000 1,255,000 30,155,500
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 0 200 1,900 200 36,300
2016 Theodore Roosevelt 5 Oz Silver Coins 0 1,000 0 27,500 2,500 30,000

 

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