In futures trading Wednesday, gold and silver were little changed while platinum and palladium posted respective losses of 1.7% and 1.9%. Gold climbed higher in after-hour dealings following the release of the Fed’s latest monetary policy statement.
Gold for August delivery dipped $1.20, or 0.07%, to settle at $1,720.70 an ounce on the Comex division of the New York Mercantile Exchange. In electronic trading after the Fed news, gold prices moved above $1,730 an ounce.
"(Gold) hit daily high following the FOMC statement, which painted a pretty dour picture for the U.S. economy, although not unexpected," said Kitco Metals senior analyst Jim Wyckoff. "We didn’t see any good news coming out of that FOMC statement and we did see that the interest rates are going to remain at the same levels, which are very low, through 2022 — and that’s probably a little friendly for the gold market too."
Gold futures ranged from a low of $1,714.10 to a high of $1,735.20. They rose 1% on Tuesday and they tacked on 1.3% on Monday. On Friday, they ended at their weakest point since April 3.
Silver for July delivery edged up less than a half cent, or 0.01%, to settle at $17.796 an ounce. Silver futures traded between $17.68 and $18.17. They shed 0.6% on Tuesday and they gained 2.4% on Monday. On Friday, they ended at their lowest price since May 21.
In PGM futures on Wednesday:
July platinum declined $14.60 to $846 an ounce, ranging from $838 to $870.50.
- Palladium for September delivery fell $36.30 to $1,930.80 an ounce, trading between $1,915 and $1,997.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold added $8.55, or 0.5%, to $1,722.05 an ounce.
- Silver was unchanged at $17.63 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged Wednesday. 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||April||May||June||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,500||16,000||105,000||5,500||18,500||303,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||0||6,000||1,000||40,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||0||12,000||0||52,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||3,500||28,500||2,500||4,000||122,500|
|$1 American Eagle 1 Oz Silver Coin||0||450,000||0||750,000||490,000||450,000||11,668,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||0||1,500||0||0||56,500|
In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.