Gold Logs First Increase in 4 Sessions; Drops After Fed Statement

1

Platinum fell on Wednesday while other precious metals gained. Gold’s increase was its first in four sessions and follows a one-month. The yellow metal dropped, however, in after-hour dealings following the release of the Fed’s latest monetary policy statement.

Gold for August delivery rose $5, or 0.3%, to settle at $1,861.40 an ounce on the Comex division of the New York Mercantile Exchange. Gold was last at $1,812.60 an ounce in electronic trading after the FOMC minutes were released.

"Gold prices are solidly lower and hit daily lows and a four-week low in afternoon U.S. trading Wednesday, on a bearish reaction to the just-released statement from the Federal Reserve’s Open Market Committee (FOMC) that was deemed hawkish on U.S. monetary policy," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,845.30 to a high of $1,866. They declined 0.5% on Tuesday, for their lowest settlement since May 14, and they lost 0.7% on Monday.

Silver for July delivery closed up 11.9 cents, or 0.4%, to $27.812 an ounce. Silver futures traded between $27.58 and $27.97. They fell 1.2% on Tuesday and they dipped 0.4% on Monday. The precious metal was last at $27.05 an ounce in after-hours trade.

In PGM futures on Wednesday:

  • July platinum gave back $6.70, or 0.6%, to $1,141.90 an ounce, ranging from $1,129.20 to $1,155.10.

  • Palladium for September delivery advanced $72, or 2.6%, to $2,836.80 an ounce, trading between $2,753.50 and $2,843.

US Mint Bullion Sales in 2021

The United States Mint published no sales gains on 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 / This Week Last Week March Sales April Sales May June 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 4,000 55,500 38,500 20,500 4,000 430,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 0 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 0 0 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 55,000 0 0 0 150,000
$50 American Buffalo 1 Oz Gold Coin 0 7,000 33,500 11,000 44,000 7,000 173,000
$1 American Eagle 1 Oz Silver Coin 0 0 4,087,000 1,053,000 0 0 13,106,500
$100 American Eagle 1 Oz Platinum Coin 0 0 35,000 0 40,000 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 N/A 50,000 2,900 0 52,900
Subscribe
Notify of
guest
1 Comment
Inline Feedbacks
View all comments
LarsLaRue

one of my favorite gold coins too