Gold Settles Higher, Then Falls After Fed Statement

by CoinNews.net on September 20, 2017 · 0 comments

Gold Bullion and Coins

Gold futures settled at $1,316.40 but were last below $1,300

Most precious metals ended modestly higher Wednesday with gold gaining for the first time in four sessions and silver advancing for a second day in a row. Both metals than declined in after-hours trading following the statement release by the Federal Open Market Committee (FOMC) which signaled one more rate hike this year.

Gold for December delivery rose $5.80, or 0.4%, to settle at $1,316.40 an ounce on the Comex division of the New York Mercantile Exchange. In electronic trading after the Fed statement, the precious metal dropped below $1,300 an ounce.

"The Fed came out and said they were going to do their QE reversal of about $10 billion a month; they still expect a Fed rate hike in December and three more in 2018. This puts a little pressure on gold," Reuters quoted Jeff Klearman, portfolio manager at GraniteShares, a provider and manager of exchange traded funds.

Silver for December delivery added 5.5 cents, or 0.3%, to settle at $17.334 an ounce. Silver futures gained 0.7% in the previous session and fell 3.1% on Monday, ending at their weakest point since Aug. 25. Silver was last at $17.07 an ounce.

In PGM futures on Wednesday:

  • October platinum declined $5.80, or 0.6%, to $945.40 an ounce, trading between $939.90 and $963.50.

  • Palladium for December delivery gained $5.85, or 0.7%, to $910.15 an ounce, ranging from $898.10 to $912.95.

London Precious Metals Prices

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

  • Gold rose $1.70, or 0.1%, to 1,311.30 an ounce.
  • Silver gained 23 cents, or 1.3%, to rise to $17.38 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. 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 August September YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 2,000 6,500 6,000 168,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 2,000 0 29,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 2,000 2,000 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 15,000 5,000 15,000 20,000 325,000
$50 American Buffalo 1 Oz Gold Coin 0 0 1,500 3,000 1,500 76,500
$1 American Eagle 1 Oz Silver Coin 0 50,000 50,000 1,025,000 125,000 15,703,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 0 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 0 0 20,000
2017 Ellis Island 5 Oz Silver Coin* 0 0 0 40,000 0 40,000

 

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