Gold settled lower Wednesday for the first time in three days, but surged in after-hours trade following the release of minutes from the last FOMC meeting.
Gold for December delivery shed $6.40, or 0.5%, to settle at $1,206 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from a low of $1,205.10 to a high of $1,221.20. In later trade, the precious metal was up near $1,222.
"We’ve seen a fundamental shift here from the Fed where everything was leaning toward being hawkish a month ago to seeing the Fed a little more cautious and open to keeping monetary policy relatively loose for an extended period of time," Rob Kurzatkowski, a senior commodity analyst at optionsXpress, a Chicago-based brokerage unit of Charles Schwab Corp., said in a telephone interview reported on Bloomberg News. "This is exactly what the gold bugs were looking for in terms of a reprieve."
Silver for December delivery slipped 18 cents, or 1%, to close at $17.06 an ounce. It traded between $17.05 and $17.47. In after-hours trading, silver was at $17.42 an ounce.
PGM futures advanced. In their closings:
January platinum climbed $5, or 0.4%, to $1,266.90 an ounce, ranging from $1,260.50 to $1,282.20.
- Palladium for December delivery gained $9.45, or 1.2%, to $796.45 an ounce, trading between $784.70 and $801.90.
London Fix Precious Metals
In contrasting the London bullion Fix prices and the LBMA Silver Price from Tuesday PM to Wednesday PM:
- Gold rose $6.50, or 0.5%, to $1,217 an ounce,
- Silver dipped a penny to $17.35,
- Platinum rose $16, or 1.3%, to $1,275 an ounce, and
- Palladium rose $20, or 2.6%, to $798 an ounce
US Mint Bullion Coin Sales in October
United States Mint coin sales were unchanged Wednesday as of 3:27 PM ET but they advanced later in the afternoon on Tuesday by 9,500 ounces in gold coins and 479,000 ounces in silver coins.
Gold coin gains through the first two days this week are the highest since the 2014-dated versions launched in early January.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold on Tuesday, last week, this week so far, last month, in early October, and the year to date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Prior-Day Sales||Last Week||Current Week||September Sales||October Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||0||2,500||0||2,700||400||16,700|
|$50 American Eagle Bullion Gold Coins||5,000||10,000||17,000||50,500||21,000||317,000|
|$25 American Eagle Bullion Gold Coins||2,000||1,000||3,000||6,000||4,000||36,000|
|$10 American Eagle Bullion Gold Coins||2,000||0||4,000||8,000||4,000||96,000|
|$5 American Eagle Bullion Gold Coins||5,000||10,000||5,000||30,000||10,000||450,000|
|$50 American Buffalo Bullion Gold Coins||2,500||4,000||7,000||14,500||9,500||149,000|
|$1 American Eagle Silver Bullion Coins||475,000||2,740,000||600,000||4,140,000||2,250,000||34,501,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||1,500||0||3,500||0||33,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||0||0||1,000||0||21,500|
|Arches National Park 5 Oz Silver Bullion Coins||0||0||0||800||0||22,000|
|Great Sand Dunes 5 Oz Silver Bullion Coins||800||800||800||4,500||1,300||13,300|