Precious metals futures finished higher Wednesday. Gold moved moved further ahead in after-hours trading following the FOMC announcement to raise interest rates by 0.25 basis points.
Gold for April delivery gained $9.60, or 0.7%, to settle at $1,321.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold futures traded from a low of $1,309.50 to a high of $1,328. They lost 0.4% on Tuesday — ending at their lowest price since March 1, and gained 0.4% on Monday.
In electronic trading after the Fed statement, the precious metal was at $1,332.50 an ounce.
"Prices extended already-good gains after the FOMC statement was issued," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note.
"The other key ‘outside markets’ on Wednesday saw Nymex crude oil prices solidly higher and hit a six-week high. Oil prices are in an accelerating near-term uptrend on the daily chart. That’s also a bullish development for the precious metals markets," Wyckoff added.
Silver for May delivery advanced 23.4 cents, or 1.5%, to settle at $16.419 an ounce. Silver futures ranged from $16.15 to $16.67. They declined 0.9% on Tuesday and rose 0.3% on Monday. Silver was last at $16.57 an ounce in electronic trading.
In PGM futures on Wednesday:
April platinum added $5.60, or 0.6%, to $950.60 an ounce, trading between $943.80 and $960.80.
- Palladium for June delivery gained $10.55, or 1.1%, to $986.45 an ounce, ranging from $972.70 to $989.70.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $10.35, or 0.8%, to $1,321.35 an ounce.
- Silver declined a half penny, or less than 0.1%, to $16.245 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2018
U.S. Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
|US Mint Bullion Sales (# of coins)|
|Wednesday||Last Week||This Week||February||March||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||20,000||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||0||0||5,000||2,500||43,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||0||16,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||0||0||26,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||5,000||10,000||95,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||0||2,500||1,000||27,500|
|$1 American Eagle 1 Oz Silver Coin||0||270,000||195,000||942,500||630,000||4,807,500|
|Pictured Rocks 5 Oz Silver Coin||0||0||0||20,000||0||20,000|