Precious metals futures posted gains in normal trading Wednesday, then gave them and more back in after-hours trade when the Fed released its latest policy statement.
Gold for February delivery added $4.70, or 0.4%, to settle at $1,163.70 an ounce on the Comex division of the New York Mercantile Exchange. In electronic trading after the Fed news, however, gold prices fell toward $1,144 — their lowest point since early February.
"Gold prices softened on expectations for further Fed rate increases, a stronger U.S. dollar and rising U.S. interest rates," MarketWatch quoted Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.
After its two-day meeting ended Wednesday, the Fed raised interest rates by a quarter point and signaled quicker increases next year.
Gold futures slipped 0.6% on Tuesday, ending at their lowest level since Feb. 5, after edging up 0.3% on Monday.
Meanwhile, silver for March delivery tacked on 24.4 cents, or 1.4%, to settle at $17.221 an ounce. Silver futures traded between $16.94 and $17.29. The precious metal was last near $16.88 an ounce in after-hours trading. Silver fell 1.2% on Tuesday after rising 1.3% on Monday.
In PGM futures on Wednesday:
January platinum rose $4.10, or 0.4%, to $940.80 an ounce, ranging from $928.30 to $948.50.
- Palladium for March delivery rose $1.95, or 0.3%, to $732.55 an ounce, trading between $726.20 and $734.20.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Tuesday PM to Wednesday PM:
- Gold added $3.70, or 0.3%, to $1,162.25 an ounce.
- Silver added a dime, or 0.6%, to $17.11 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. The agency’s most popular 2016-dated bullion coins have already sold out. New 2017-dated issues will go on sale Jan. 9.
Below is a sales breakdown of U.S. Mint bullion products with columns listing 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||Nov Sales||Dec Sales||2016 Sales|
|$100 American Eagle 1 Oz Platinum Coins*||–||20,000|
|$50 American Eagle 1 Oz Gold Coins*||–||23,000||–||129,000||23,000||817,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||2,000||1,000||7,000||3,000||74,000|
|$10 American Eagle 1/4 Oz Gold Coins*||–||2,000||–||18,000||2,000||152,000|
|$5 American Eagle 1/10 Oz Gold Coins*||–||40,000||–||105,000||40,000||925,000|
|$50 American Buffalo 1 Oz Gold Coins||0||5,500||1,500||29,500||7,000||214,000|
|$1 American Eagle 1 Oz Silver Coins*||–||240,000||–||3,061,000||240,000||37,701,500|
|2016 Shawnee 5 Oz Silver Coins*||–||105,000|
|2016 Cumberland Gap 5 Oz Silver Coins*||–||75,000|
|2016 Harpers Ferry 5 Oz Silver Coins||0||100||0||1,500||100||38,100|
|2016 Theodore Roosevelt 5 Oz Silver Coins*||–||800||–||6,600||800||40,000|
|2016 Fort Moultrie 5 Oz Silver Coins||0||0||0||27,800||0||27,800|