Gold, Silver Rise Modestly After Fed Minutes

by CoinNews.net on May 24, 2017 · 0 comments

Pure silver bullion bars

Gold and silver futures fell in normal trading hours then climbed in after-hours trade

Gold and silver futures settled lower for a second straight session Wednesday, and then climbed slightly in electronic trading after minutes from the Fed’s last meeting were released.

Gold for June delivery dipped $2.40, or 0.2%, to settle at $1,253.10 an ounce on the Comex division of the New York Mercantile Exchange.

In trading after the minutes were released, gold rose above $1,257 an ounce.

"Gold prices were trading slightly higher in U.S. trading early Wednesday afternoon, on a mildly bullish reaction to the just-released FOMC minutes," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "There had recently been a lack of new, bullish fundamental inputs for the safe-haven metal. This had allowed the sellers to gain a bit of momentum this week."

Gold futures ranged from a low of $1,247.60 to a high of $1,258.20. They slipped 0.5% on Tuesday and climbed 0.6% on Monday, closing at their highest price since April 28.

Meanwhile, silver for July delivery shed 2.2 cents, or 0.1%, to settle at $17.117 an ounce. Silver futures traded between $16.89 and $17.20. They declined 0.3% on Tuesday and gained 2.4% on Monday — also ending at their best price since April 28. The precious metal was at $17.20 an ounce in after-hours trade.

In PGM futures on Wednesday:

  • July platinum fell $2.10, or 0.2%, to $947.30 an ounce, ranging from $940.30 to $951.40.

  • Palladium for June delivery declined $10.70, or 1.4%, to $761.65 an ounce, trading between $756.25 and $772.80.

London Precious Metals Prices

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

  • Gold lost $7.65, or 0.6%, to $1,252.55 an ounce.
  • Silver fell 11 cents, or 0.6%, to $17.03 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Sales in 2017

U.S. Mint bullion sales were unchanged. Below is a sales breakdown of U.S. 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 Last Week This Week April Sales May Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 3,000 3,000 3,500 9,000 136,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 1,000 26,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 2,000 2,000 48,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 10,000 20,000 30,000 240,000
$50 American Buffalo 1 Oz Gold Coin 0 2,000 0 3,500 4,500 63,500
$1 American Eagle 1 Oz Silver Coin 0 505,000 445,000 835,000 2,005,000 10,797,500
2017 Effigy Mounds 5 Oz Silver Coin 0 300 2,600 900 3,500 24,100
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 17,600 2,400 20,000

 

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