Gold and silver closed lower Wednesday to snap multi-session winning streaks, but then climbed in after-hours dealings when minutes from the Fed’s last meeting were released.
Gold for December delivery lost $4.90, or 0.4%, to settle at $1,288.90 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal was near $1,293 an ounce in electronic trading after the FOMC minutes were released.
"The Fed minutes confirmed what several Fed officials had been hinting at since the meeting — that the consensus support for a December rate hike isn’t strong or completely committed," MarketWatch quoted Brien Lundin, editor of Gold Newsletter, told MarketWatch. "This added bit of doubt as to whether there’ll be a December hike and helped gold reverse."
Gold futures advanced 0.7% on Tuesday — finishing at their best level since Sept. 26, and gained 0.8% on Monday.
Closing lower for the first time in five sessions, silver for December delivery fell 7.4 cents, or 0.4%, to $17.133 an ounce. Silver futures gained 1.4% on Tuesday, ending at their highest price since Sept. 20, and rose 1.1% in starting the week on Monday. The precious metal was last at $17.21 an ounce in after-hours trade.
In PGM futures on Wednesday:
January platinum shed $3.30, or 0.4%, to $933.20 an ounce, ranging from $930.50 to $938.10.
- Palladium for December delivery jumped $25.30, or 2.7%, to $958.95 an ounce, trading between $933.25 and $959.80.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $2.15, or 0.2%, to 1,289.25 an ounce.
- Silver added 3 cents, or 0.2%, to $17.15 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 rose by 1,000 ounces in American Gold Eagles. 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||September||October||YTD|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||20,000|
|$25 American Eagle 1 Oz Palladium Coin*||0||0||0||15,000||0||15,000|
|$50 American Eagle 1 Oz Gold Coin||1,000||2,500||3,000||8,000||5,500||175,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||1,000||1,000||2,000||32,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||2,000||0||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||0||25,000||5,000||335,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,000||1,000||1,500||2,000||78,500|
|$1 American Eagle 1 Oz Silver Coin||0||150,000||150,000||320,000||300,000||16,198,500|
|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||0||0||40,000|