Gold Little Changed, but Snaps 5-Session Losing Streak

Gold Eagle bullion coins and inflation
The latest US inflation report had little to no effect on gold prices

Precious metals were little changed in the mid-week trading session on Wednesday. Gold snapped a five-session losing streak, but barely.

Gold for February delivery inched up 20 cents to close at $1,194.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from an intraday low of $1,190.30 to a high of $1,203.10.

In after-hours trade, the yellow metal toggled from small gains and losses following the Fed’s policy statement.

"Traders and investors were still digesting Wednesday’s Federal Reserve Open Market Committee (FOMC) statement at the conclusion of its two-day meeting," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The Fed left in the words ‘considerable time’ regarding its interest rate policy and the timeframe on raising rates. That was deemed dovish. However, it had other wording that was deemed a bit more hawkish, to somewhat offset leaving in the "considerable time" wording."

In other economic news of the day, the US Labor Depart said inflation in November fell from the prior month with consumer prices down 0.3% after coming in flat for October. While food prices continued to rise, the gasoline index posted its sharpest decline since December 2008. It was the main cause of overall price drops, according to the bureau. Gold has historically been purchased as a hedge against inflation.

Gold prices are down on the week so far by 2.3%.

Silver performed the best among precious metals, and ended higher for the first time since a week ago. Silver for March delivery tacked on 18 cents, or 1.1%, to settle at $15.93 an ounce. Prices ranged from $15.62 to $16.06. They dropped 81 cents, or 4.9%, on Tuesday and have fallen 6.6% since Friday.

In PGM futures on Wednesday:

  • January platinum added $3, or 0.3%, to $1,199.50 an ounce, trading between $1,195.60 and $1,206.60.

  • Palladium for March delivery declined $4.75, or 0.6%, to $779.25 an ounce, ranging from $775 to $792.95.

London Fix Precious Metals

Earlier fixed London precious metals declined. When comparing London bullion Fix prices from Tuesday PM to Wednesday PM:

  • Gold lost $6.75, or 0.6%, to $1,195.75 an ounce,
  • Silver shed 34 cents, or 2.1%, to $15.95 an ounce,
  • Platinum declined $15, or 1.2%, to $1,202 an ounce, and
  • Palladium fell $16, or 2%, to $787 an ounce.

US Mint Bullion Coin Sales in December

United States Mint bullion sales were unchanged Wednesday as of 3:31 PM ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, this week, last month, in December, and the year to date. Coins with an asterisk (*) have sold out.

American Eagle and Buffalo Bullion Sales (# of coins)
Wednesday Sales Last Week Current Week November Sales December Sales YTD Sales
$100 American Platinum Eagle Bullion Coins* 0 0 0 0 0 16,900
$50 American Eagle Bullion Gold Coins 0 0 0 49,000 12,000 414,500
$25 American Eagle Bullion Gold Coins 0 0 0 8,000 0 46,000
$10 American Eagle Bullion Gold Coins 0 0 0 12,000 6,000 118,000
$5 American Eagle Bullion Gold Coins 0 0 0 40,000 30,000 560,000
$50 American Buffalo Bullion Gold Coins 0 0 0 12,500 2,500 175,500
$1 American Eagle Silver Bullion Coins 0 901,000 235,500 3,426,000 1,958,000 43,505,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 300 500 900 1,100 24,400
Arches National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 800 1,400 1,700 4,000 21,900
Everglades 5 Oz Silver Bullion Coins 0 0 0 27,000 7,000 34,000


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