Gold and silver settled lower for a second session in a row on Wednesday. Prices fell further in after-hours trade following the release of minutes from the Fed’s last policy meeting, though they have mostly since recovered.
Gold for June delivery declined $7.50, or 0.6%, to close at $1,203.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices in later electronic trading were above $1,202 an ounce.
"The U.S. dollar index was solidly lower in overnight trading Wednesday but did rebound during the U.S. trading session and then move to its daily high after the FOMC minutes," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "This also helped to pressure gold in the aftermath of the FOMC minutes."
Gold prices in regular trading hours ranged from a low of $1,200.30 to a high of $1,212.50. In the prior session, the precious metal fell by $8, or 0.7%.
Silver for May delivery tumbled 39 cents, or 2.3%, to settle at $16.45 an ounce. Silver prices traded between $16.41 and $16.91. They dropped on Tuesday by 1.6%. Silver was last moving higher in after-hours trade, up near $16.49.
In PGM futures on Wednesday:
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July platinum fell $7.60, or 0.7%, to $1,166.30 an ounce, ranging from $1,161.10 to $1,178.
- Palladium for June delivery settled down $13.30, or 1.7%, to $755.70 an ounce, trading between $751.60 and $773.
London Precious Metals Prices
Earlier fixed London precious metals mostly declined, but modestly. In comparing London bullion prices from Tuesday PM to Wednesday PM:
- Gold shed $3.75, or 0.3%, to $1,207.25 an ounce,
- Silver dipped 2 cents, or 0.1%, to $16.84 an ounce,
- Platinum added $2, or 0.2%, to $1,169 an ounce, and
- Palladium fell $11, or 1.4%, to $764 an ounce.
US Mint Bullion Coin Sales in April
United States Mint gold bullion sales rose Wednesday, with the one-ounce American Gold Eagle advancing for the first time in April. A listing of their gains follow (products with an asterisk (*) are no longer available).
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Wednesday Sales | Last Week | Current Week | March Sales | April Sales | YTD Sales | |
| $50 American Eagle 1 Oz Gold Coins | 1,500 | 6,000 | 1,500 | 35,000 | 1,500 | 100,500 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 2,000 | 0 | 5,000 | 1,000 | 26,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 2,000 | 0 | 2,000 | 8,000 | 2,000 | 46,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 0 | 5,000 | 10,000 | 70,000 | 10,000 | 245,000 |
| $50 American Buffalo 1 Oz Gold Coins | 1,500 | 2,500 | 1,500 | 9,500 | 3,000 | 59,000 |
| $1 American Eagle 1 Oz Silver Coins | 0 | 675,500 | 711,000 | 3,519,000 | 783,000 | 12,854,000 |
| 2015 Homestead 5 Oz Silver Coins* | – | 1,000 | – | 15,000 | – | 35,000 |
