Gold and silver prices settled higher on Wednesday for the first time in five sessions but then turned down in electronic trade after the FOMC announced an interest rates increase.
Gold for August delivery gained $7.30, or 0.6%, to settle at $1,275.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold was last trading near $1,260 an ounce.
"The FOMC’s decision to execute its normalization plan despite recent soft economic data has forced gold to retreat after its earlier exaggerated rally," Reuters quoted Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York. "The Fed still sees one more hike in 2017 and will start to reduce its balance sheet nodding to strong growth and employment while acknowledging soft inflation."
Also on Wednesday, a U.S. Labor Department report showed inflation falling in May for the second time in three months.
Gold futures ranged from a low of $1,259 to a high of $1,284.20. They lost 0.0.2% on Tuesday and slipped 0.2% on Monday.
Meanwhile, silver for July delivery jumped 36.9 cents, or 2.2%, to settle at $17.136 an ounce. Silver futures traded between $16.79 and $17.37. The precious metal was last at $16.87 an ounce.
In PGM futures on Wednesday:
-
July platinum advanced $27.70, or 3%, to $951.90 an ounce, ranging from $923.30 to $955.50.
- Palladium for September delivery declined $3.75, or 0.4%, to $853.80 an ounce, trading between $847.55 and $871.25. On Monday, palladium ended at its best price since September 2014.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold added $13.50, or 1.1%, to $1,275.50 an ounce.
- Silver gained 14 cents, or 0.8%, to $16.96 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2017
U.S. Mint bullion sales were unchanged. Below is a sales breakdown of U.S. 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) | ||||||
|---|---|---|---|---|---|---|
| Wednesday | Last Week | This Week | May | June | YTD | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 20,000 |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 1,000 | 10,000 | 1,000 | 138,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 2,000 | 0 | 27,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 2,000 | 0 | 48,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 0 | 30,000 | 5,000 | 245,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 500 | 0 | 5,000 | 500 | 64,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 229,000 | 205,000 | 2,455,000 | 434,000 | 11,681,500 |
| 2017 Effigy Mounds 5 Oz Silver Coin | 0 | 2,000 | 500 | 5,600 | 2,500 | 28,700 |
| 2017 Frederick Douglass 5 Oz Silver Coin | 0 | 0 | 0 | 2,400 | 0 | 20,000 |
| 2017 Ozark Riverways 5 Oz Silver Coin | 0 | 17,200 | 2,800 | N/A/ | 20,000 | 20,000 |
