Gold Ends Near Two-Week High; Then Declines After Fed Statement

by CoinNews.net on September 18, 2019 · 0 comments

Bullion Gold Bars, Three

Gold prices finished toward a two-week high and then moved lower in after-hours trading

In precious metals trading Wednesday, all but gold closed lower. The yellow metal’s gain was slight but enough to score a near two-week settlement high, though prices shifted lower in after-hour dealings following the release of the Fed’s latest monetary policy statement.

Gold for December delivery rose $2.40, or 0.16%, to finish at $1,515.80 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since Sept. 5. Gold futures ranged from a low of $1,505 to a high of $1,519.50. They edged up 0.1% on Tuesday and advanced 0.8% on Monday.

In electronic trading after the Fed news, gold prices moved toward $1,496 an ounce.

"Gold and silver prices are weaker in afternoon U.S. trading Wednesday, in the wake of the just-released FOMC statement that did not lean as accommodative on U.S. monetary policy as many expected," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Silver for December delivery declined 22.1 cents, or 1.2%, to settle at $17.919 an ounce. Silver futures traded between $17.65 and $18.12. They gained 0.6% on Tuesday and surged 2.3% on Monday. The precious metal was last near $17.69 an ounce in after-hours trading.

In PGM futures on Wednesday:

  • October platinum fell $9.60, or 1%, to $934.60 an ounce, ranging from $926.50 to $945.

  • Palladium for December delivery declined $15.50, or 1%, to $1,582.20 an ounce, trading between $1,563.20 and $1,599.10. Last Thursday, palladium logged a record settlement at $1,604.80.

London Precious Metals Prices

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

  • Gold rose $1.40, or 0.09%, to $1,503.50 an ounce.
  • Silver added a penny, or 0.06%, to $17.85 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 Last Week This Week August September 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 1,000 0 5,500 2,500 89,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 1,000 1,000 24,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 0 2,000 30,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 0 5,000 165,000
$50 American Buffalo 1 Oz Gold Coin 0 0 0 1,500 500 50,000
$1 American Eagle 1 Oz Silver Coin 0 675,000 25,000 1,007,000 711,000 12,980,000
War in the Pacific 5 Oz Silver Coin 0 2,500 0 12,500 2,500 72,000
American Memorial Park 5 Oz Silver Coin* 0 0 0 2,000 0 80,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A 40,000

 

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