Gold and silver futures extended their gains to three straight days on Wednesday, boosted on dovish read remarks by Federal Reserve Chair Janet Yellen.
Gold for August delivery gained $4.40, or 0.4%, to settle at $1,219.10 an ounce on the Comex division of the New York Mercantile Exchange.
"Federal Reserve Chair Janet Yellen on Wednesday sounded a more dovish tone on U.S. monetary policy. That ‘wrong-footed’ many in the marketplace and was modestly supportive for the gold market," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "After a recent beat-down that dropped prices to a four-month low on Monday, the safe-haven metal was also due for a short-covering and bargain-hunting bounce."
Gold futures ranged from a low of $1,212.50 to a high of $1,225.20. They inched up 0.1% in the previous session and climbed 0.3% in their start to the trading week on Monday. On Friday, they settled at their lowest point since March 15.
Silver for September delivery tacked on 14.2 cents, or 0.9%, to settle at $15.887 an ounce. Silver futures traded between $15.71 and $16. They advanced 0.7% on Tuesday and rose 1.3% on Monday. They closed on Friday at their worst level since April 8, 2016.
In PGM futures on Wednesday:
October platinum rallied $20.30, or 2.3%, to $919 an ounce, ranging from $902.50 to $924.30.
- Palladium for September added $14.70, or 1.7%, to $861.55 an ounce, trading between $848.25 and $865.70.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold gained $7.75, or 0.6%, to 1,218.80 an ounce.
- Silver jumped 32 cents, or 2.1%, to $15.83 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2017
U.S. Mint bullion sales moved up by 1,500 ounces in gold coins and by 300,000 ounces in silver coins. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Wednesday||Last Week||This Week||June||July||YTD|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||500||1,500||5,500||4,000||7,000||148,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||0||27,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||4,000||0||0||4,000||52,000|
|$5 American Eagle 1/10 Oz Gold Coin||5,000||15,000||10,000||20,000||25,000||285,000|
|$50 American Buffalo 1 Oz Gold Coin||500||1,000||1,500||2,000||2,500||68,500|
|$1 American Eagle 1 Oz Silver Coin||300,000||320,000||970,000||986,000||1,290,000||13,523,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||0||0||8,800||0||35,000|
|2017 Frederick Douglass 5 Oz Silver Coin||0||0||0||0||0||20,000|
|2017 Ozark Riverways 5 Oz Silver Coin||0||0||0||20,000||0||20,000|