Gold closed modestly lower Wednesday but then erased losses in electronic trade after the release of minutes from the last FOMC meeting.
Gold for June delivery settled down $3.20, or 0.2%, to $1,305.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from an intraday low of $1,301.10 to a high of $1,314.30. In after-hours trade, the yellow metal was last up from the close by $5.60 to $1,311.50.
"The Fed sounds less hawkish than it did last month, which is good for gold," Michael Gayed, the chief investment strategist at Pension Partners LLC, said in a telephone interview according to Bloomberg News. "The market is confused because there are so many contradicting signals from the Fed."
Silver for May delivery dropped 29 cents, or 1.4%, to $19.77 an ounce, trading between $19.60 and $20.10. Silver was last up 11 cents from the close.
PGM’s split on Wednesday. In the daily breakdowns:
July platinum shed $2.80, or 0.2%, to $1,438.90 an ounce, ranging from $1,435.30 to $1,447.40.
- Palladium for June delivery tacked on $6.70, or 0.9%, to $782.55 an ounce, trading between $774 and $784.20.
London Fix Precious Metals
Earlier fixed London precious metals declined, except for palladium which was flat. In contrasting the London fix prices from Tuesday PM to Wednesday PM:
- Gold fell $7.75, or 0.6%, to $1,301.75 an ounce,
- Silver lost 26 cents, or 1.3%, to $19.89 an ounce,
- Platinum dipped $2, or 0.1%, to $1,435 an ounce, and
- Palladium was unchanged at $775 an ounce
US Mint Bullion Sales in March
U.S. Mint sales of one-ounce American Gold Eagles advanced 1,500. No other U.S. Mint bullion coins registered gains on the day. Below is a sales breakdown across U.S. Mint bullion products with columns offering the number of bullion coins sold on Wednesday, last week, this week so far, last month, the month-to-date, and the year-to-date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Wednesday Sales||Sales Last Week||Sales This Week||March Sales||April Sales||YTD Sales|
|$100 American Platinum Eagle Coins||0||800||0||10,000||300||10,300|
|$50 American Eagle Gold Coins||1,500||10,000||1,500||16,000||10,500||111,000|
|$25 American Eagle Gold Coins||0||1,000||0||2,000||1,000||18,000|
|$10 American Eagle Gold Coins||0||2,000||4,000||4,000||6,000||48,000|
|$5 American Eagle Gold Coins||0||10,000||5,000||30,000||15,000||255,000|
|$50 American Buffalo Gold Coins||0||7,000||3,000||12,000||10,000||75,500|
|$1 American Silver Eagle Coins||0||1,171,000||968,000||5,354,000||1,261,000||15,140,000|
|Great Smoky Mountains National Park 5 Oz Bullion Coins||0||2,800||0||12,400||2,600||15,000|