Gold Ends at Fresh 2-Month Low; Climbs After Fed Leaves Rates Unchanged

by CoinNews.net on May 2, 2018 · 0 comments

Several Gold Bullion Bars

Gold declined slightly in normal trading but then advanced in after-hour dealings

Gold futures moved lower for a third straight session Wednesday, logging a fresh two-month low, but then advanced in after-hours trading following the Federal Reserve’s decision to keep its benchmark interest rate unchanged.

Gold for June delivery edged down $1.20, or less than 0.1%, to settle at $1,305.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since March 1. The yellow metal was near $1,312 an ounce in electronic trading after the Fed’s announcement.

"The Fed’s decision is showing us that the Fed is willing to let its inflation overshoot its 2% target and accommodate growth," MarketWatch quoted Peter Spina, president and chief executive officer of GoldSeek.com. "This should be favorable to growing inflation forecasts" and make the appeal of gold grow.

Gold futures ranged from a low of $1,304.30 to a high of $1,312.50. They dropped 0.9% on Tuesday and dipped 0.3% on Monday.

Silver for July delivery advanced 24.8 cents, or 1.5%, to close at $16.375 an ounce. Silver futures traded between $16.17 and $16.49. They declined 1.7% on Tuesday and fell 0.6% on Monday.

In PGM futures on Wednesday:

  • July platinum dipped 40 cents, or less than 0.1%, to $893.80 an ounce, ranging from $893.10 to $901.30.

  • Palladium for June delivery gained $23.90, or 2.6%, to $960.15 an ounce, trading between $938.65 and $966.60.

London Precious Metals Prices

LBMA bullion prices are available on the LBMA website with a delay of midnight.

US Mint Bullion Sales in 2018

United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Wednesday / May Last Week This Week March April 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 1,000 500 2,500 4,000 47,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 10,000 5,000 100,000
$50 American Buffalo 1 Oz Gold Coin 0 500 500 1,000 2,000 30,500
$1 American Eagle 1 Oz Silver Coin 0 75,000 230,000 915,000 915,000 6,007,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 10,000 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 N/A 30,000 30,000

 

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