Most precious metals ended modestly higher Wednesday with gold gaining for the first time in four sessions and silver advancing for a second day in a row. Both metals than declined in after-hours trading following the statement release by the Federal Open Market Committee (FOMC) which signaled one more rate hike this year.
Gold for December delivery rose $5.80, or 0.4%, to settle at $1,316.40 an ounce on the Comex division of the New York Mercantile Exchange. In electronic trading after the Fed statement, the precious metal dropped below $1,300 an ounce.
"The Fed came out and said they were going to do their QE reversal of about $10 billion a month; they still expect a Fed rate hike in December and three more in 2018. This puts a little pressure on gold," Reuters quoted Jeff Klearman, portfolio manager at GraniteShares, a provider and manager of exchange traded funds.
Silver for December delivery added 5.5 cents, or 0.3%, to settle at $17.334 an ounce. Silver futures gained 0.7% in the previous session and fell 3.1% on Monday, ending at their weakest point since Aug. 25. Silver was last at $17.07 an ounce.
In PGM futures on Wednesday:
October platinum declined $5.80, or 0.6%, to $945.40 an ounce, trading between $939.90 and $963.50.
- Palladium for December delivery gained $5.85, or 0.7%, to $910.15 an ounce, ranging from $898.10 to $912.95.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $1.70, or 0.1%, to 1,311.30 an ounce.
- Silver gained 23 cents, or 1.3%, to rise to $17.38 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
United States Mint bullion sales were unchanged. 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||August||September||YTD|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||2,000||6,500||6,000||168,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||2,000||0||29,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||2,000||2,000||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||15,000||5,000||15,000||20,000||325,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||1,500||3,000||1,500||76,500|
|$1 American Eagle 1 Oz Silver Coin||0||50,000||50,000||1,025,000||125,000||15,703,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||0||0||0||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||0||0||20,000|
|2017 Ellis Island 5 Oz Silver Coin*||0||0||0||40,000||0||40,000|