Precious metals futures dived Thursday, extending losses that began Wednesday afternoon following hawkish Fed news.
Gold for February delivery dropped $33.90, or 2.9%, to settle at $1,129.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since gold prices ended at $1,127.20 an ounce on Feb. 2.
"The Fed was more hawkish than expected, which re-started this dollar rally," Reuters quoted ABN Amro analyst Georgette Boele. "With yields rising in the United States and the dollar massively up, that’s the worst possible combination for gold."
Gold futures ranged from a low of $1,124.30 to a high of $1,146. They edged up 0.4% in normal trading hours Wednesday, and then started falling in after-hours trade when the Fed released a statement announcing a quarter point interest rates increase and signaled quicker hikes next year.
Elsewhere, silver for March delivery tumbled $1.26, or 7.3%, to finish at $15.958 an ounce. The settlement is the weakest since June 1 when the precious metal closed at $15.927 an ounce. Silver futures traded between $15.92 and $17. On Wednesday, they closed 1.4% higher.
In other precious metals dealings Thursday:
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January platinum sank $47.20, or 5%, to $893.60 an ounce, ranging from $888.70 to $934.90.
- Palladium for March delivery fell $26.90, or 3.7%, to $705.65 an ounce, trading between $696.95 and $729.90.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Wednesday PM to Thursday PM:
- Gold fell $35.30, or 3%, to $1,126.95 an ounce.
- Silver dived 97 cents, or 5.7%, to $16.14 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales in 2016
United States Mint bullion sales advanced 1,000 ounces in American Buffalo gold coins. The Mint’s most popular 2016-dated bullion coins have already sold out. New 2017-dated issues will go on sale Jan. 9.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Thursday Sales | Last Week | This Week | Nov Sales | Dec Sales | 2016 Sales | |
| $100 American Eagle 1 Oz Platinum Coins* | – | 20,000 | ||||
| $50 American Eagle 1 Oz Gold Coins* | – | 23,000 | – | 129,000 | 23,000 | 817,500 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 2,000 | 1,000 | 7,000 | 3,000 | 74,000 |
| $10 American Eagle 1/4 Oz Gold Coins* | – | 2,000 | – | 18,000 | 2,000 | 152,000 |
| $5 American Eagle 1/10 Oz Gold Coins* | – | 40,000 | – | 105,000 | 40,000 | 925,000 |
| $50 American Buffalo 1 Oz Gold Coins | 1,000 | 5,500 | 2,500 | 29,500 | 8,000 | 215,000 |
| $1 American Eagle 1 Oz Silver Coins* | – | 240,000 | – | 3,061,000 | 240,000 | 37,701,500 |
| 2016 Shawnee 5 Oz Silver Coins* | – | 105,000 | ||||
| 2016 Cumberland Gap 5 Oz Silver Coins* | – | 75,000 | ||||
| 2016 Harpers Ferry 5 Oz Silver Coins | 0 | 100 | 0 | 1,500 | 100 | 38,100 |
| 2016 Theodore Roosevelt 5 Oz Silver Coins* | – | 800 | – | 6,600 | 800 | 40,000 |
| 2016 Fort Moultrie 5 Oz Silver Coins | 0 | 0 | 0 | 27,800 | 0 | 27,800 |
