Gold Dips as Silver Edges Up, US Coins Unchanged

Gold dipped 0.5% Wednesday for its biggest fall in three straight daily losses.

Gold, most other commodities and stocks declined as the Fed cut U.S. growth estimates and said it was extending its accommodative "Operation Twist" monetary policy through to the end of the year. Investors were, apparently, hoping for deeper stimulative action.

"At least for the near term, it’s mainly a short-term negative for gold because it indicates that there won’t be immediate and new aggressive accommodation, and certainly no QE3 at all judging from this statement," Reuters quoted Bill O’Neill, partner of commodities wealth manager LOGIC Advisors in New Jersey.

Gold prices for August delivery settled to $1,615.80 an ounce on the Comex in New York, falling $7.40. Gold intraday low and high prices were $1,590.50 and $1,623.60.

In other New York futures on Wednesday:

• Silver prices for July delivery inched up 2.1 cents, or 0.1%, to $28.389 an ounce. Prices ranged from $27.630 to $28.595.

• Platinum prices for July delivery settled at $1,466.80 an ounce, declining $13.70 or 0.9%. Platinum traded between $1,451.80 and $1,487.40.

• Palladium prices for September delivery lost $9.90, or 1.6%, to $619.50 an ounce, ranging from $614.70 to $632.00.

London Precious Metals

London precious metals registered losses as well on Wednesday. When comparing the latest London PM fixings:

• Gold declined $24.50, or 1.5%, to $1,601.00 an ounce,
• Silver fell 50.0 cents, or 1.7%, to $28.31 an ounce,
• Platinum lost $27.00, or 1.8%, to $1,459.00 an ounce, and
• Palladium shed $10.00, or 1.6%, to $624.00 an ounce

Sales of U.S. Mint Bullion Coins

Sales levels were unchanged as of 4:24 PM ET for bullion coins issued by the U.S. Mint.

The following are the latest daily, June and year-to-date bullion coin sales totals as published by the U.S. Mint.

Above U.S. Mint bullion coin sales are in coin totals, not the amount of ounces sold.