Gold futures closed lower Friday for the first time in a week, but scored their biggest weekly increase since July.
Gold for December delivery on Friday shed $3, or 0.2%, to settle at $1,341.70 an ounce on the Comex division of the New York Mercantile Exchange.
"The inaction by the Fed revived investor appetite for gold," Bloomberg News quoted Australia & New Zealand Banking Group Ltd. "While a cut in the Fed’s outlook for rates and the weaker U.S. dollar no doubt played a part, the continued efforts by Bank of Japan to bolster economic stimulus also helped."
On Wednesday, the FOMC kept interest rates unchanged and the Bank of Japan said it wants to keep yields on 10-year Japanese government bonds around zero.
Gold futures gained 2.4% this week — their strongest weekly advance since the week ended July 29, after falling 1.8% last week. They are now $281.50, or 26.6%, higher than their final settlement in 2015 at $1,060.20 an ounce.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:
"Twenty analysts and traders took part in a weekly Wall Street survey. Twelve participants, or 60%, look for gold to be higher next week. Four each, or 20%, see prices either lower or sideways.
Meanwhile, 809 Main Street participants submitted votes in an online survey. A total of 596 respondents, or 74%, said they were bullish for the week ahead, while 150, or 19%, were bearish. The neutral votes totaled 63, or 8%."
Falling for the first time in three sessions Friday, silver for December delivery declined 28.9 cents, or 1.4%, to settle at $19.81 an ounce. They rallied 5% this week after sliding 2.6% last week. The precious metal is $6, or 43.5%, higher than its ending 2015 settlement of $13.803 an ounce.
In PGM futures on Friday and for the week:
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October platinum fell $5.80, or 0.6%, to $1,057 an ounce, but logged a 3.9% weekly increase.
- Palladium for December delivery added $5.95, or 0.9%, to $706.40 an ounce, for a 5.1% weekly advance.
Year to date, platinum is up 18.3% while palladium is 25.7% higher.
London Precious Metals Prices
London precious metals prices ended mostly lower on Friday, but they all advanced on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold shed 45 cents to $1,338.65 an ounce.
- Silver lost 5.5 cents, or 0.3%, to $19.82 an ounce.
- Platinum declined $4, or 0.4%, to $1,055 an ounce.
- Palladium was unchanged at $697 an ounce.
Their weekly gains totaled 2.3% for gold, 4.8% for silver, 4.2% for platinum and 6.3% for palladium.
US Mint Bullion Coin Sales in 2016
U.S. Mint bullion sales slowed this week, slightly for gold coins and sharply for silver coins. In week-over-week comparisons:
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Gold coins advanced 24,000 ounces after climbing 25,000 ounces last week, the highest weekly level since the one ended Aug. 11. This week’s splits include 18,500 ounces in American Gold Eagles compared to 22,000 ounces previously and 5,500 ounces in American Gold Buffalo compared to 3,000 ounces previously.
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Silver coin sales advanced 256,000 ounces after rising by 745,000 ounces previously, the highest weekly level since the one ended July 1. The weekly splits include 255,000 ounces in American Silver Eagles compared to 740,000 ounces previously and 1,000 ounces in America the Beautiful Five Ounce Silver Uncirculated Coins compared to 5,000 ounces previously.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods Products with an asterisk (*) are no longer available.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Friday Sales | Last Week | This Week | Aug Sales | Sept Sales | 2016 Sales | |
| $100 American Eagle 1 Oz Platinum Coins* | 0 | 0 | 0 | 1,000 | 0 | 20,000 |
| $50 American Eagle 1 Oz Gold Coins | 3,000 | 18,500 | 17,000 | 50,000 | 55,000 | 541,000 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 2,000 | 0 | 3,000 | 4,000 | 55,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 0 | 4,000 | 0 | 4,000 | 10,000 | 110,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 0 | 15,000 | 15,000 | 60,000 | 65,000 | 680,000 |
| $50 American Buffalo 1 Oz Gold Coins | 1,500 | 3,000 | 5,500 | 9,000 | 13,000 | 144,500 |
| $1 American Eagle 1 Oz Silver Coins | 50,000 | 740,000 | 255,000 | 1,280,000 | 1,305,000 | 30,205,500 |
| 2016 Shawnee 5 Oz Silver Coins* | 0 | 0 | 0 | 0 | 0 | 105,000 |
| 2016 Cumberland Gap 5 Oz Silver Coins* | 0 | 0 | 0 | 0 | 0 | 75,000 |
| 2016 Harpers Ferry 5 Oz Silver Coins | 0 | 0 | 200 | 1,900 | 200 | 36,300 |
| 2016 Theodore Roosevelt 5 Oz Silver Coins | 0 | 1,000 | 0 | 27,500 | 2,500 | 30,000 |
