Gold Climbs After Fed Statement; US Mint Sales Gain

250 g Fine Gold Bar
Gold ended lower in regular trading, but then rose in after-hours dealings

Gold settled lower for a second session in a row on Wednesday, though the two days of losses total less than gains on Monday. Gold prices did move higher in later electronic trading.

Gold for August delivery shed $3.60, or 0.3%, to finish at $1,092.60 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal ranged from a low of $1,088.90 to a high of $1,100.90. Gold is up about 0.7% since Friday.

Gold prices climbed modestly in after-hours trading following the statement release of the Federal Open Market Committee (FOMC). The central bank said the U.S. economy and job market continue to strengthen but it left interest rates unchanged. Gold was last at $1,095.60 an ounce.

"(The) market can’t seem to decide whether the Fed has moved marginally farther away from a September hike," Reuters quoted Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York. "We’ll need some FOMC members’ spin in the coming days for a bit more clarity."

Silver advanced for a third straight day with the September contract up a dime, or 0.7%, to $14.74 an ounce. Silver prices traded between $14.57 and $14.90.

In other precious metals futures on Wednesday:

  • October platinum dipped $1.50, or 0.2%, to $984.90 an ounce, ranging from $977.60 to $990.80.

  • Palladium for September delivery declined $6, or 1%, to $615.60 an ounce, trading between $612.95 and $627.

London Precious Metals Prices

Earlier fixed London gold and silver prices were divided. In comparing London bullion prices from Tuesday PM to Wednesday PM:

  • Gold fell $5.95, or 0.5%, to $1,090.25 an ounce.
  • Silver rose 7 cents, or 0.5%, to $14.61 an ounce.

LBMA platinum and palladium prices are displayed on the LBMA’s website with a delay of midnight after the setting of the prices each day.

US Mint Bullion Coin Sales in July

United States Mint bullion sales advanced again on Wednesday with gold coins gaining 7,500 ounces and silver coins rising 82,500 ounces.

American Silver Eagles are racing with over 2.6 million in sales following their return on Monday from a near three-week sales suspension. Silver Eagle sales for the month at over 5.3 million are the highest since the January total of more than 5.5 million.

In related silver bullion news, 2015 Blue Ridge Parkway Five Ounce Silver Bullion Coins sold out, rising 1,000 on the day to 45,000 — the most for any coin in the series since those from 2011. The U.S. Mint said the next five ounce release, with a design honoring Bombay Hook National Wildlife Refuge, will go on sale Sept. 30.

American Gold Eagle sales in July now stand at 164,500 ounces, the highest in a month than any since sales of 209,500 ounces in April 2013.

Below is a listing of U.S. Mint bullion products that 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 This Week June Sales July Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 37,500 17,500 62,500 140,000 338,500
$25 American Eagle 1/2 Oz Gold Coins 2,000 3,000 2,000 4,000 9,000 45,000
$10 American Eagle 1/4 Oz Gold Coins 4,000 4,000 6,000 12,000 28,000 98,000
$5 American Eagle 1/10 Oz Gold Coins 10,000 20,000 15,000 85,000 130,000 520,000
$50 American Buffalo 1 Oz Gold Coins 4,500 12,500 6,000 21,000 31,500 128,000
$1 American Eagle 1 Oz Silver Coins 77,500 0 2,622,500 4,840,000 5,331,500 27,117,500
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 1,000 0 2,400 35,000 10,000 45,000


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