Gold turned lower for a second straight session Wednesday and closed below $1,300 an ounce for the first time since May 1.
Gold for June delivery dropped $19.70, or 1.5%, to settle at $1,288.90 an ounce on the Comex division of the New York Mercantile Exchange.
Gold prices traded from a low of $1,286.60 to a high of $1,315. Losses on the day were attributed to positive economic comments from Fed Chair Janet Yellen.
"The message today the gold traders heard was that tapering will continue," Bill O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said in a telephone interview according to Bloomberg News. "The Ukraine crisis provided some support, but the overall sentiment remains subdued."
Gold started the week at a three-week high and then dipped 70 cents on Tuesday.
In other precious metals, silver and platinum snapped a three-session winning streak and palladium fell for the first time since Friday. In their daily breakdowns:
Silver for July delivery fell 30 cents, or 1.5%, to $19.34 an ounce, ranging from $19.30 to $19.77.
July platinum declined $23.30, or 1.6%, to $1,434.80 an ounce, trading between $1,433.10 and $1,458.70.
Palladium for June delivery plunged $21.70, or 2.7%, to $796.70 an ounce, ranging from $795.40 to $818.45.
London Fix Precious Metals
Aside from silver which was flat, London precious metals fixing declined. In contrasting the London fix prices from Tuesday PM to Wednesday PM:
- Gold shed $10.25, or 0.8%, to $1,296 an ounce,
- Silver was unchanged at $19.64 an ounce,
- Platinum lost $7, or 0.5%, to $1,443 an ounce, and
- Palladium declined $7, or 0.9%, to $810 an ounce
US Mint Bullion Sales in March
Sales totals of United States Mint bullion coins were unchanged Wednesday as of 4:35 p.m. ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, the week-to-date, last month, the month so far, and the year-to-date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Wednesday Sales||Sales Last Week||Week To Date||April Sales||May Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||0||200||0||1,200||0||11,200|
|$50 American Eagle Gold Bullion Coins||0||3,500||500||26,000||500||127,000|
|$25 American Eagle Gold Bullion Coins||0||4,000||0||5,000||0||22,000|
|$10 American Eagle Gold Bullion Coins||0||0||0||20,000||0||62,000|
|$5 American Eagle Gold Bullion Coins||0||20,000||10,000||55,000||15,000||305,000|
|$50 American Buffalo Gold Bullion Coins||0||5,000||1,000||17,500||2,500||85,500|
|$1 American Eagle Silver Bullion Coins||0||1,086,500||532,500||4,590,500||703,500||19,173,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||N/A*||3,500||10,600||3,500||26,500|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||14,800||N/A||14,800||14,800|
*The U.S. Mint had temporarily sold out of Great Smoky Mountains National Park 5 Oz Silver Bullion Coins. Shenandoah National Park 5 Oz Silver Bullion Coins debuted this week.