Gold, Silver Settle Lower; Then Surge After Fed Holds Rates

by CoinNews.net on July 26, 2017 · 0 comments

Gold Bullion

Gold and silver traded higher in after-hours dealings

Precious metals futures ended mixed Wednesday. Palladium gained for a third straight session, after falling for four days in a row, while gold and platinum logged their third day of losses. Silver, meanwhile, slipped from an almost four-week high.

The metals climbed sharply in later electronic trading when the FOMC announced that it would keep interest rates unchanged.

Gold for August delivery shed $2.70, or 0.2%, to settle at $1,249.40 an ounce on the Comex division of the New York Mercantile Exchange. Gold futures ranged from a low of $1,243.20 to a high of $1,250.50. They also declined 0.2% in the prior session, after sliding 0.05% on Monday. In its last daily gain, on Friday, the yellow metal posted its highest settlement since June 23.

Gold was last at $1,261.60 in after-hours trade.

"Gold is kicking in the afterburners, largely due to [Fed Chairwoman Janet] Yellen’s decision not to raise rates," MarketWatch quoted Adam Koos, president of Libertas Wealth Management Group. "The decision keeps a bid in the yellow metal, all while investors continue to wonder when the next [rate] hike will take place."

Silver for September delivery lost 8.3 cents, or 0.5%, to end at $16.459 an ounce. Silver futures traded between $16.28 and $16.48. They advanced 0.6% on Tuesday, marking their strongest close since June 30. Silver prices dipped 0.1% in starting the week on Monday.

Silver was last trading at $16.66 an ounce.

In PGM futures on Wednesday:

  • October platinum declined $9.10, or 1%, to $922.70 an ounce, ranging from $919.30 to $929.90.

  • Palladium for September gained $5.95, or 0.7%, to $862.90 an ounce, trading between $850.65 and $867.75.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:

  • Gold declined $6.30, or 0.5%, to 1,248.10 an ounce.
  • Silver rose 6 cents, or 0.4%, to $16.37 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

United States Mint bullion sales were unchanged as of 2:59 p.m. ET. 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 June July YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 5,000 500 4,000 12,500 153,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 27,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 4,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 20,000 30,000 290,000
$50 American Buffalo 1 Oz Gold Coin 0 500 500 2,000 3,500 69,500
$1 American Eagle 1 Oz Silver Coin 0 725,000 205,000 986,000 2,220,000 14,453,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 8,800 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 20,000 0 20,000

 

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