Gold and Silver Prices Fall for Second Straight Week

Gold futures rose modestly on Friday, after hitting a three-week low on Thursday, but still dropped for a second week in a row.

Gold for August delivery settled up $1.90, or 0.2%, to $1,256.50 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold has been spooked by the hawkish tone from the Fed, which triggered some long liquidation both in futures and exchange-traded funds," Reuters quoted Saxo Bank analyst Ole Hansen.

The Fed announced an interest rates increase to 1 to 1-1/4% after U.S. markets closed on Wednesday. On Thursday, gold ended at its weakest price since May 24.

Gold futures declined 1.2% this week after falling 0.7% last week. Before then, the precious metal scored four straight weekly wins that added 4.3% to prices. Prices have climbed 9.1% so far this year.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:

"Twenty-one traders and analysts took part in a Kitco News Wall Street survey. The largest block of voters — at 10, or 48% — see gold prices falling by next Friday. Nine, or 43%, said higher, while two voters, or 10%, were either neutral or expected sideways prices.

Meanwhile, 1,151 readers submitted votes in an online Main Street poll. A total of 658 voters, or 57%, are bearish. Another 393, or 34%, say that gold will rise, while 100, or 9%, are neutral."

Ending lower for a second day in a row, silver for July delivery shed 5.5 cents, or 0.3%, to close at $16.661 an ounce. The settlement is the lowest since May 12.

Silver futures tumbled 3.3% this week after dropping 1.7% last week. Before then, the precious metal logged three consecutive weekly increases that added 6.9% to prices. The two most recent weeks of losses have pared silver’s year-to-date gain to 4.2%.

In PGM futures on Friday and for the week:

• July platinum added $5.50, or 0.6%, to $926.80 an ounce, but logged a 1.4% weekly loss.

• Palladium for September delivery gained $7.70, or 0.9%, to $865.65 an ounce, advancing 1.1% this week. The settlement is the highest since September 2014.

For the year to date, the metals have posted increases of 2.3% for platinum and 26.7% for palladium.

London Precious Metals Prices

London precious metals prices were mixed on Friday and lower for the week. In comparing their levels from Thursday PM to Friday PM:

• Gold edged up 85 cents to $1,255.40 an ounce.
• Silver declined 10 cents, or 0.6%, to $16.76 an ounce.
• Platinum added $2, or 0.2%, to $923 an ounce.
• Palladium rose $8, or 0.9%, to $869 an ounce.

For the week in LBMA prices, losses reached 0.9% for gold, 3.4% for silver, 1.7% for platinum, and 3% for palladium.

US Mint Bullion Sales in 2017

U.S. Mint bullion sales this week slowed for silver coins and improved a bit for gold coins. In week-over-week headline comparisons:

• Gold coins moved up by 2,000 ounces after rising by 1,000 ounces last week. Splits include 1,500 ounces in American Gold Eagles compared to 500 ounces previously and 500 ounces in American Gold Buffalos like the previous week.

• Silver coins moved up by 221,500 ounces compared to 325,000 ounces previously. Splits include 205,000 ounces in American Silver Eagles versus 229,000 ounces previously and 16,500 ounces in ATB 5-ounce silver bullion coins compared to 96,000 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.