Gold Ends Higher, Then Retreats After Fed Statement; Palladium Scores Record

by CoinNews.net on December 19, 2018 · 0 comments

Partial Photo of Bullion Gold

Gold futures settled at their highest price July 9

Precious metals futures advanced Wednesday, and then gave back gains in after-hours trade when the Fed released its latest policy statement. Palladium logged a new milestone, closing at a new all-time record.

Gold for February delivery rose $2.80, or 0.2%, to settle at $1,256.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since July 9 when gold ended at $1,259.60 an ounce.

In electronic trading after the Fed news, however, gold prices fell toward $1,147.

"Gold lost altitude in the immediate aftermath of an increase in U.S. interest rates by the Federal Reserve, which was generally expected but maybe not as dovish as many had hoped," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

Gold futures ranged from a low of $1,247.90 to a high of $1,262.20. They climbed 0.1% on Tuesday, and gained 0.8% on Monday.

Elsewhere, silver for March delivery advanced 11.7 cents, or 0.8%, to settle at $14.818 an ounce. Silver futures traded between $14.69 and $14.90. The precious metal was last near $14.66 an ounce in after-hours trading. Silver declined 0.4% on Tuesday, and rose 0.8% on Monday.

In PGM futures on Wednesday:

  • January platinum edged up $1.20, or 0.2%, to $796 an ounce, ranging from $785.50 to $799.30.

  • Palladium for March delivery jumped $22.10, or 1.9%, to $1,201.30 an ounce — a new record. Palladium futures traded between $1,173.80 and $1,210.20.

London Precious Metals Prices

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

  • Gold added $8.70, or 0.7%, to $1,255 an ounce.
  • Silver lost a penny, or less than 0.1%, to $14.645 an ounce.

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

US Mint Bullion Sales in 2018

United States Mint bullion sales increased Wednesday by 25,000 ounces in American Silver Eagles. 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 Last Week This Week November December 2018 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 0 16,000 2,000 190,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 4,000 0 32,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 0 62,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 20,000 0 230,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 0 5,500 1,500 121,500
$1 American Eagle 1 Oz Silver Coin 25,000 100,000 100,000 1,645,000 350,000 15,560,000
Pictured Rocks 5 Oz Silver Coin* 0 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin* 0 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin* 0 0 0 0 0 30,000
Cumberland Island 5 Oz Silver Coin 0 0 0 0 0 52,500
Block Island 5 Oz Silver Coin 0 0 0 80,000 0 80,000

 

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