Gold prices closed lower Wednesday for the first time in three sessions after ending at a three-week high on Tuesday.
Gold for June delivery shed $3.90, or 0.3%, to settle at $1,210 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded from a low of $1,200.70 to a high of $1,213.50.
"Gold prices were moderately lower late U.S. trading Wednesday. A technical correction from the solid gains posted Monday and Tuesday was featured today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Gold prices did modestly extend earlier losses in the wake of the latest FOMC statement this afternoon."
Gold moved toward $1,205 an ounce in electronic trading after the Fed’s statement release, which signaled a downgraded view of the U.S. economy and remained vague on the timing of a rate hike.
“The committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium-term,” the Fed said in its statement.
Silver for July delivery gained 7 cents, or 0.4%, to close at $16.70 an ounce. Silver prices ranged from $16.42 to $16.73. Advancing for a third straight session, they are 6.8% higher since Friday.
In other precious metals dealings:
July platinum rose $2.90, or 0.3%, to $1,161.50 an ounce, trading between $1,151.10 and $1,164.
- Palladium for June delivery settled up $3.60, or 0.5%, to $784.75 an ounce, ranging from $772.25 to $785.
London Precious Metals Prices
Earlier fixed London precious metals prices mostly advanced. In comparing London bullion prices from Tuesday PM to Wednesday PM:
- Gold was unchanged at $1,209 an ounce,
- Silver added 16 cents, or 1%, to $16.48 an ounce,
- Platinum rose $14, or 1.2%, to $1,158 an ounce, and
- Palladium gained $5, or 0.6%, to $776 an ounce.
US Mint Bullion Coin Sales in April
United States Mint bullion sales were unchanged Wednesday following two strong days of gains. The table below offers a listing of U.S. Mint bullion products shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Wednesday Sales||Last Week||Current Week||March Sales||April Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||5,500||8,500||35,000||20,500||119,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||1,000||1,000||5,000||4,000||29,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||2,000||0||8,000||4,000||48,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||5,000||5,000||70,000||30,000||265,000|
|$50 American Buffalo 1 Oz Gold Coins||0||2,500||2,000||9,500||10,000||66,000|
|$1 American Eagle 1 Oz Silver Coins||0||755,000||678,000||3,519,000||2,851,500||14,922,500|
|2015 Homestead 5 Oz Silver Coins*||–||15,000||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins||0||29,500||500||N/A||30,000||30,000|