Aside from platinum which logged a robust 1.5% increase, prices for precious metals changed only slightly during normal trading hours on Wednesday. Gold settled less than 0.1% higher, but then added to its gain in after-hours dealings following the Fed’s announcement about raising interest rates.
Exactly reversing its prior-day’s loss, gold for August delivery rose $1.40, or 0.08%, to end at $1,719.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold futures traded between $1,709.10 and $1,724.90. They shed 0.5% on Monday.
On Wednesday following a two-day monetary policy meeting, the Fed’s FOMC raised the benchmark federal-funds rate by 0.75% to a range between 2.25% and 2.5%. It also repeated language from prior meetings saying it "anticipates that ongoing increases in the target range will be appropriate."
In after-hours trade, gold moved above $1,737 an ounce.
Silver for September delivery added 6.5 cents, or 0.4%, to settle at $18.60 an ounce. Silver futures ranged from $18.36 to $18.82. They advanced 1.1% on Tuesday and they fell 1.6% on Monday. The precious metal was last above $19 an ounce in later, electronic trading.
In PGM futures on Wednesday:
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October platinum tacked on $12.80 to $877.20 an ounce, trading between $860.30 and $881.80.
- Palladium for September delivery declined $6.80, or 0.3%, to $2,004.40 an ounce, ranging from $1,992 and $2,034.50.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged 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 | May | June | July | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 164,500 | 31,000 | 33,000 | 659,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 7,000 | 6,000 | 3,000 | 69,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 8,000 | 18,000 | 2,000 | 130,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 50,000 | 135,000 | 5,000 | 510,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 56,000 | 21,500 | 23,000 | 282,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 1,350,000 | 925,000 | 425,000 | 11,131,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 23,500 | 15,000 | 78,500 |
