Gold Adds to Losses Following Fed Statement

by CoinNews.net on May 1, 2019 · 0 comments

Bullion Bar and Gold Bullion Coins

Gold moves lower Wednesday, May 1

Gold and silver futures closed lower in normal trading hours Wednesday, and then fell further in after-hour dealings following the release of the Fed’s latest monetary policy statement.

Gold for June delivery declined $1.50, or 0.1%, to settle at $1,284.20 an ounce on the Comex division of the New York Mercantile Exchange.  In electronic trading after the Fed news, gold prices moved toward $1,276 an ounce.

"The yellow metal is feeling pressure as Federal Reserve Chairman Jerome Powell is holding his post-FOMC press conference and is sounding positive on the U.S. economic outlook," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a note.

Gold futures ranged from a low of $1,279.20 to a high of $1,288.50. They rose 0.3% on Tuesday, ending the month of April with a 1% loss.

Silver for July delivery dropped 25.5 cents, or 1.7%, to settle at $14.729 an ounce. Silver futures traded between $14.70 and $14.99. They gained 0.3% on Tuesday, marking an April decline of 0.8%. The precious metal was last near $14.65 an ounce in after-hours trading.

In PGM futures on Wednesday:

  • July platinum fell $14.30, or 1.6%, to $877.40 an ounce, ranging from $870.30 and $892.40.

  • Palladium for June delivery stumbled $38.30, or 2.8%, to $1,344.40 an ounce, trading between $1,303.60 and $1,378.10.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM

  • Gold rose $1.50, or 0.1%, to $1,283.80 an ounce.
  • Silver declined 10.5 cent, or 0.7%, to $14.88 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint 2019 Bullion Sales

United States 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. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Wednesday / May Last Week This Week March April 2019 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 1,800 2,600 4,000 6,500 40,000
$50 American Eagle 1 Oz Gold Coin 0 2,500 1,000 8,500 6,500 70,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 1,000 19,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 2,000 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 15,000 10,000 145,000
$50 American Buffalo 1 Oz Gold Coin 0 500 1,500 5,500 6,500 41,500
$1 American Eagle 1 Oz Silver Coin 0 0 646,000 850,000 1,196,000 8,121,000
Lowell 5 Oz Silver Coin* 0 0 0 80,000 0 80,000

 

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