Gold declined on Wednesday for the first time since Friday, though the last two rounds of session gains totaled a modest $1.20.
Gold for June delivery fell $6.50, or 0.5%, to settle at $1,288.10 an ounce on the Comex division of the New York Mercantile Exchange. The closing price is the lowest since May 9. Gold ranged from an intraday low of $1,282.90 to a high of $1,296.30.
"Gold prices were moderately lower in afternoon trading Wednesday, selling off just a bit after the market place perceived the latest FOMC minutes as slightly favor the hawkish camp," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
"Prices then rebounded to near pre-FOMC report levels. A bit of a ‘risk-on’ trader and investor mentality in the market place Wednesday and a firmer U.S. dollar index were also negatives for the safe-haven yellow metal. "
Minutes from the last FOMC meeting show that the Fed is beginning to weigh options to eventually raise interest rates.
Silver tracked gold, snapping a two-day winning streak that tallied to 7 cents. Silver for July delivery shed 6 cents, or 0.3%, to $19.34 an ounce, trading between $19.27 and $19.50.
PGMs advanced with platinum rebounding from a modest prior-day loss and palladium increasing for a fourth straight session. In their breakdowns:
July platinum gained $6, or 0.4%, to $1,474.90 an ounce, ranging from $1,469.40 to $1,484.50.
- Palladium for June delivery turned up $4.60, or 0.6%, to $830.45 an ounce, trading between $825.45 and $834.50.
London Fix Precious Metals
Earlier fixed London precious metals moved in the same direction as New York bullion futures. In contrasting the London fix precious metal prices from Tuesday PM to Wednesday PM:
- Gold declined $8.25, or 0.6%, to $1,287.25 an ounce,
- Silver dipped 6 cents, or 0.3%, to $19.31 an ounce,
- Platinum rose $5, or 0.3%, to $1,474 an ounce, and
- Palladium added $8, or 1%, to $828 an ounce
US Mint Bullion Sales
U.S. Mint bullion coin totals were unchanged Wednesday but they rose broadly in later hours Tuesday with sales of:
- 300 ounces in platinum coins;
- 8,000 ounces in gold coins; and
- 303,500 ounces in silver coins
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Tuesday, this week so far, last month, the month so far, and the year-to-date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Wednesday Sales||Tuesday Sales||Sales Last Week||Week-To-Date Sales||April Sales||May Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||0||300||100||300||1,200||1,000||12,200|
|$50 American Gold Eagle Bullion Coins||0||4,500||2,000||6,000||26,000||17,500||144,000|
|$25 American Gold Eagle Bullion Coins||0||0||3,000||0||5,000||3,000||25,000|
|$10 American Gold Eagle Bullion Coins||0||0||6,000||0||20,000||6,000||68,000|
|$5 American Gold Eagle Bullion Coins||0||10,000||5,000||10,000||55,000||30,000||320,000|
|$50 American Buffalo Gold Bullion Coins||0||2,500||3,500||2,500||17,500||8,500||91,500|
|$1 American Silver Eagle Bullion Coins||0||300,000||918,000||300,000||3,569,500||3,562,000||21,010,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||500||0||500||10,600||4,000||27,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||200||2,000||200||N/A||17,400||17,400|