Gold, silver and palladium advanced Wednesday for a third consecutive session. Gains were supported by weakness in the U.S. dollar.
Gold for August delivery inched up $1.50, or 0.1%, to settle at $1,247.40 an ounce on the Comex in New York — its highest settlement since last Wednesday. Gold traded from a low of $1,242.20 to a high of $1,260.80. In after-hours, gold prices in electronic trading moved higher when minutes from the Fed’s last meeting were published.
"Comex gold futures prices ended the U.S. day session with slight gains Wednesday, but then rallied to near the daily high after the release of the U.S. Federal Reserve Open Market Committee meeting minutes," said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily note.
"Gold saw a relief rally as the FOMC minutes contained no new, hawkish information. The key ‘outside markets’ were also in a bullish posture for the precious metals on this day: a solidly lower U.S. dollar index and sharp price gains in crude oil futures."
Silver for September delivery climbed 2.7 cents, or 0.1%, to settle at $19.17 an ounce, ranging from $18.99 to $19.41.
PGMs were mixed as platinum slid slightly and palladium soared. In the breakdowns:
October platinum dipped 50 cents to $1,368.10 an ounce, trading between $1,356 and $1,378.50.
- Palladium for September delivery surged $16.45, or 2.4%, to $713.80 an ounce, ranging from $697.85 to $715.
London Fix Precious Metals
After two days of declines, London silver joined in on gains with other precious metals. When comparing the Tuesday PM to Wednesday PM London fixings:
- Gold was nearly unchanged, edging up 50 cents to $1,256 an ounce,
- Silver added 27 cents, or 1.4%, to $19.37 an ounce,
- Platinum rose a modest $8, or 0.6%, to $1,370 an ounce, and
- Palladium ended up $11, or 1.6%, to $710 an ounce
US Bullion Coin Sales in July
Sales totals for United States Mint bullion products were unchanged Wednesday after strong gains on Tuesday. The following are daily, July and year-to-date bullion coin totals as published by the U.S. Mint on its website.
|American Eagle and Buffalo Bullion Coin Sales|
|Wednesday Sales||Last Week||Week-To-Date Sales||July Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||15,000||1,500||16,500||561,000|
|$25 American Eagle Gold Bullion Coins||0||4,000||0||4,000||47,000|
|$10 American Eagle Gold Bullion Coins||0||2,000||2,000||4,000||90,000|
|$5 American Eagle Gold Bullion Coins||0||15,000||0||15,000||430,000|
|$50 American Buffalo Gold Bullion Coins||0||5,500||3,500||9,000||170,500|
|White Mountain 5 oz. Silver Bullion Coins||0||1,000||800||1,800||28,800|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||1,000||1,900||2,9000||17,100|
|Great Basin 5 oz. Silver Bullion Coins||0||4,300||500||4,800||14,700|
|American Silver Eagle Bullion Coins||0||826,000||822,000||1,648,000||26,691,500|
Figures above are in the number of coins sold, not in ounces.