Precious metals futures climbed for a second session in a row Friday, with gold ending at a one-month high and posting its third straight weekly increase.
Gold for June delivery tacked on $11.70, or 0.9%, to settle at $1,268.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the strongest since April 28 when gold finished 20 cents higher.
"Between [Thursday’s] contentious NATO summit and the potential for fireworks at this weekend’s G-7 Summit, plus a tightening U.K. election race, capital has been moving back in to defensive havens like gold," MarketWatch quoted Colin Cieszynski, chief market strategist at CMC Markets.
Gold futures advanced 1.2% this week following their two previous weekly gains of 2.1% and 0.1%. The precious metal is 10.1% higher so far this year. In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:
"Eighteen traders and analysts took part in a Wall Street survey. Thirteen voters, or 72%, see gold prices rising by next Friday. Just one, or 6%, said lower, while four voters, or 22%, were either neutral or expected sideways prices.
Meanwhile, 756 readers submitted votes in an online Main Street poll. A total of 465 voters, or 62%, are bullish. Another 213, or 28%, say that gold will fall, while 78, or 10%, are neutral."
Elsewhere, silver for July delivery added 13 cents, or 0.8%, to finish at $17.323 an ounce. The close is the highest since April 27.
Silver futures jumped 3.1% this week after climbing 2.4% last week. They are 8.3% higher on the year to date.
In PGM futures on Friday and for the week:
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July platinum rose $10, or 1.1%, to end at $962.90 an ounce, for a 2.4% weekly advance.
- Palladium for June delivery surged $18.20, or 2.4%, to close at $786.70 an ounce, logging a 3.4% weekly increase..
Their year-to-date gains stand at 6.3% for platinum and 15.1% for palladium.
London Precious Metals Prices
London precious metals prices ended higher on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold added $8.10, or 0.6%, to $1,265.05 an ounce.
- Silver rose 14 cents, or 0.8%, to $17.29 an ounce.
- Platinum rose $11, or 1.2%, to $961 an ounce.
- Palladium added $13, or 1.7%, to $780 an ounce.
For the week, their gains totaled 1% for gold, 3.1% for silver, 1.9% for platinum and 1.3% for palladium.
US Mint Bullion Sales in 2017
U.S. Mint bullion products registered solid weekly totals. Gold sales were a bit slower than last week but silver sales were the quickest in about two months. In comparisons:
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Gold coins advanced by 5,000 ounces compared to last week’s 5,500 ounces. Splits include 4,000 ounces in American Gold Eagles compared to 3,500 ounces previously, and 1,000 ounces in American Gold Buffalos compared to 2,000 ounces previously.
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Silver coins moved up by 618,000 ounces — their best week since the one ending March 24, and compared to 506,500 ounces previously. Splits include 595,000 ounces in American Silver Eagles versus 505,000 ounces previously and 23,000 ounces in ATB 5-ounce silver bullion coins compared to 1,500 ounces previously.
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) | ||||||
|---|---|---|---|---|---|---|
| Friday | Last Week | This Week | April Sales | May Sales | 2017 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 20,000 |
| $50 American Eagle 1 Oz Gold Coin | 0 | 3,000 | 3,500 | 3,500 | 9,500 | 136,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 0 | 2,000 | 27,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 0 | 2,000 | 2,000 | 48,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 10,000 | 20,000 | 30,000 | 240,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 2,000 | 0 | 3,500 | 4,500 | 63,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 505,000 | 595,000 | 835,000 | 2,155,000 | 10,947,500 |
| 2017 Effigy Mounds 5 Oz Silver Coin | 0 | 300 | 4,600 | 900 | 5,500 | 26,100 |
| 2017 Frederick Douglass 5 Oz Silver Coin | 0 | 0 | 0 | 17,600 | 2,400 | 20,000 |
