Gold aside, the prices of precious metals declined on Wednesday, with silver extending its losses for the eighth consecutive session. Gold’s gain was modest, marking its first increase in five sessions. However, in later electronic trading following the release of the FOMC’s statement on monetary policy, both metals rallied.
Gold for February delivery edged up $4.10, or 0.2%, to settle at $1,997.30 an ounce on the Comex division of the New York Mercantile Exchange.
Gold futures traded between $1,987.90 and $2,043.30. They edged 0.03% lower on Tuesday, marking their lowest settlement since Nov. 22, and they fell by 1% on Monday. In after-hours dealings, the yellow metal was last near $2,033 an ounce.
"The FOMC statement was surprisingly dovish on U.S. monetary policy, which pushed the precious metals markets sharply up," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Down for an eighth session following six consecutive gains, silver for March delivery declined by 9.5 cents, or 0.4%, ending at $22.921 an ounce. For a third day, the settlement was the lowest since Nov. 13. Silver futures ranged from $22.78 to $24.13. They dipped by 0.2% on Tuesday and they shed 0.9% on Monday. In after-hours trade, silver was last above $24 an ounce.
In PGM futures on Wednesday:
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January platinum fell by $8.90, or 1%, to $922.10 an ounce, trading between $920.10 and $944.20.
- Palladium for March delivery declined by $13.10, or 1.3%, to $969.20 an ounce, with prices ranging from $958 to $1,011.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Wednesday, Nov. 29, and those gains were the third for this month. Advances included 15,500 ounces in American Gold Eagles, 939,000 ounces in American Silver Eagles, and 1,500 ounces in American Gold Buffalos.
The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
| US Mint Bullion Sales (# of coins) | |||||||
|---|---|---|---|---|---|---|---|
| Wednesday / This Week | Last Week | August | September | October | November | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 78,000 | 27,500 | 97,000 | 35,000 | 904,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 2,000 | 13,000 | 7,000 | 6,000 | 101,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 2,000 | 30,000 | 18,000 | 14,000 | 196,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 150,000 | 40,000 | 30,000 | 55,000 | 660,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 19,500 | 18,500 | 36,500 | 11,500 | 379,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 3,124,000 | 2,970,000 | 3,938,000 | 2,378,000 | 24,225,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 0 | 12,700 |
