Precious metals extended gains Thursday that started in after-hours trade Wednesday following the release of dovish-taken FOMC minutes.
Gold for June delivery advanced $14.60, or 1.1%, to close at $1,320.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from an intraday low of $1,311 to a high of $1,324.90. The settlement price was the highest since March 21. Price support was attributed to stronger safe-haven demand and a weaker U.S. dollar — compliments of released minutes from the last FOMC meeting in March.
The minutes "changed the dynamic of the gold market because now the fear of Fed raising rates has been pushed back further into the future," Reuters quoted Phillip Streible, senior commodities broker at RJ O’Brien.
There was also a risk-adverse mentality in place Thursday that benefited gold with U.S. stocks taking a beating. The Dow dropped 1.6%, the S&P declined 2.1% and the Nasdaq fell 3.1% — its worst day since November 2011.
Silver performed the best among precious metals. Silver for May delivery jumped 32 cents, or 1.6%, to $20.09 an ounce, trading between $19.86 and $20.40.
PGM’s split Wednesday and advanced as a group on Thursday. In the daily breakdowns:
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July platinum gained $21.20, or 1.5%, to $1,460.10 an ounce, ranging from $1,441.20 to $1,462.
- Up for a second day, palladium for June delivery rose $9.75, or 1.3%, to $792.30 an ounce. Prices ranged from $779.90 to $794.50.
London Fix Precious Metals
Earlier fixed London precious metals also notched gains. In contrasting the London fix prices from Wednesday PM to Thursday PM:
- Gold added $18.75, or 1.4%, to $1,320.50 an ounce,
- Silver rose 35 cents, or 1.8%, to $20.24 an ounce,
- Platinum turned up $20, or 1.4%, to $1,455 an ounce, and
- Palladium tacked on $15, or 1.9%, to $790 an ounce
US Mint Bullion Sales in March
Gains spanned across most U.S. Mint bullion products with only American Gold Buffalo and five ounce ATB silver coins silent. Below is a sales breakdown across U.S. Mint bullion products with columns offering the number of bullion coins sold on Thursday, last week, this week so far, last month, the month-to-date, and the year-to-date.
| American Eagle and Buffalo Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Thursday Sales | Sales Last Week | Sales This Week | March Sales | April Sales | YTD Sales | |
| $100 American Platinum Eagle Coins | 300 | 800 | 300 | 10,000 | 600 | 10,600 |
| $50 American Eagle Gold Coins | 1,500 | 10,000 | 3,000 | 16,000 | 12,000 | 112,500 |
| $25 American Eagle Gold Coins | 0 | 1,000 | 0 | 2,000 | 1,000 | 18,000 |
| $10 American Eagle Gold Coins | 4,000 | 2,000 | 8,000 | 4,000 | 10,000 | 52,000 |
| $5 American Eagle Gold Coins | 5,000 | 10,000 | 10,000 | 30,000 | 20,000 | 260,000 |
| $50 American Buffalo Gold Coins | 0 | 7,000 | 3,000 | 12,000 | 10,000 | 75,500 |
| $1 American Silver Eagle Coins | 25,000 | 1,171,000 | 993,000 | 5,354,000 | 1,286,000 | 15,165,000 |
| Great Smoky Mountains National Park 5 Oz Bullion Coins | 0 | 2,800 | 0 | 12,400 | 2,600 | 15,000 |
