Gold advanced Wednesday in its settlement, snapping a two-session losing streak and rebounding from a more than four-week low. Prices, however, pulled back in after-hours trading.
Gold for August delivery gained $7.10, or 0.5%, to end at $1,374.00 an ounce on the Comex in New York. Gold prices then plunged toward $1,350 an ounce in electronic trading after the release of the monthly FOMC statement and later remarks from Federal Reserve Chairman Ben Bernanke.
Bernanke said the central bank could begin scaling back its bond purchases later this year and end them by mid-2014.
"If the incoming (economic) data are broadly consistent with this (FOMC) forecast, the committee currently anticipates that it would be appropriate to moderate the pace of purchases later this year," Bernanke told reporters Wednesday in a news conference. "If the subsequent data remain broadly aligned with our current expectations for the economy, we will continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around mid-year."
Gold on Tuesday fell $16.20, or 1.2%, to close at its lowest price since May 17.
In other New York precious metals futures:
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Silver for July delivery shed 5.4 cents, or 0.3%, to $21.62 an ounce, ranging from $21.31 to $21.85. Silver has declined for three straight sessions.
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September platinum fell $16.20, or 1.1%, to $1,423.90 an ounce, trading between $1,419 and $1,443.50.
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Palladium for September delivery lost $11.95, or 1.7%, to $696.40 an ounce, ranging from $694.90 to $713.45.
London Fix Precious Metals
London precious metals fixings were mixed to unchanged. In contrasting the Tuesday PM to Wednesday PM London Fix prices:
- Gold added $6, or 0.4%, to $1,372.75 an ounce,
- Silver dipped 18.0 cents, or 0.8%, to $21.62 an ounce,
- Platinum gained $10, or 0.7%, to $1,437 an ounce, and
- Palladium was unchanged at $706 an ounce
US Bullion Coin Sales in June
Sales jumped Wednesday for U.S. Mint bullion products with gold coins rising 10,000 ounces and silver coins advancing 108,500 ounces.
The following are daily, June and year-to-date bullion coin totals as provided by the United States Mint.
| American Eagle and Buffalo Bullion Coin Sales | |||||
|---|---|---|---|---|---|
| Wednesday Sales | Last Week | Week-To-Date Sales | June Sales | YTD Sales | |
| $50 American Eagle Gold Bullion Coins | 9,000 | 3,500 | 10,000 | 27,500 | 523,000 |
| $25 American Eagle Gold Bullion Coins | 0 | 0 | 0 | 0 | 42,000 |
| $10 American Eagle Gold Bullion Coins | 2,000 | 0 | 4,000 | 4,000 | 82,000 |
| $5 American Eagle Gold Bullion Coins | 0 | 15,000 | 0 | 45,000 | 405,000 |
| $50 American Buffalo Gold Bullion Coins | 500 | 2,500 | 1,000 | 8,000 | 152,500 |
| White Mountain 5 oz. Silver Bullion Coins | 0 | 1,200 | 0 | 1,200 | 27,000 |
| Perry’s Victory 5 oz. Silver Bullion Coins | 0 | 5,900 | 300 | 14,200 | 14,200 |
| American Silver Eagle Bullion Coins | 108,500 | 846,000 | 740,000 | 2,368,000 | 24,136,500 |
Figures above are in the number of coins sold, not in ounces.
Too much good news, hate to think what all these jittery investor types will do when the Martians attack!