Gold, Silver Log First Weekly Losses in Four Weeks

Gold and silver futures declined Friday, adding to weekly losses — their first in four weeks.

Gold for December delivery shed $4.10, or 0.3%, to settle at $1,325.20 an ounce on the Comex division of the New York Mercantile Exchange. The close is the weakest since Aug. 31.

"Investors are evidently confident that North Korea’s actions will not lead to a war, because there seems to be a split between world powers," MarketWatch quoted Fawad Razaqzada, chief technical analyst at Forex.com. "So, for the time being investors are largely ignoring geopolitical risks stemming from North Korea, for otherwise gold would be much higher and U.S. indices far from being at record high levels."

Gold futures traded 1.9% lower this week following three weeks of gains that had padded prices by 4.6%. One week ago, they ended at $1,351.20 an ounce for their highest settlement since Sept. 6, 2016. The yellow metal is 15.1% higher on the year to date.

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

"Fourteen market professionals took part in the Wall Street survey. Seven participants, or 50%, look for gold to be higher next week. Six, or 43%, called for lower, while one, or 7%, sees sideways prices ahead.

Meanwhile, 1,219 Main Street participants submitted votes in an online survey. A total of 606 respondents, or 50%, said they were bearish for the week ahead, while 483, or 40%, were bullish. The neutral votes totaled 130, or 11%."

Ending lower for a fifth straight day, silver for December delivery lost 8.8 cents, or 0.5%, to finish at $17.701 an ounce. Silver futures dropped 2.3% this week after three weekly increases that had raised prices by 4.4%. Last Friday, they closed at their strongest price since April 19. The precious metal is 10.7% so far this year.

In PGM futures on Friday and for the week:

• October platinum fell $9.10, or 0.9%, to $971.80 an ounce, for a 4% weekly loss.

• Palladium for December delivery advanced $7.45, or 0.8%, to $921.75 an ounce, but registered a 1% weekly decline.

Both metals are higher on the year to date with increases of 7.3% for platinum and 34.9% for palladium.

London Precious Metals Prices

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

• Gold fell $1.70 or 0.1%, to 1,322.85 an ounce.
• Silver shed 5 cents, or 0.3%, to $17.70 an ounce.
• Platinum declined $4, or 0.4%, to $976 an ounce.
• Palladium fell $9, or 1%, to $924 an ounce.

For the week, their losses totaled 1.7% for gold, 2.8% for silver, 3.7% for platinum and 2.2% for palladium.

US Mint Bullion Sales in 2017

United States Mint bullion sales moved a bit quicker this week but remained lackluster overall. In the latest week-over-week comparisons:

• Gold coins advanced by 3,500 ounces compared to 2,000 ounces previously. For a second week in a row, gains came entirely from American Gold Eagles.

• Silver coins climbed by 50,000 ounces compared to last week’s total of 25,000 ounces. Also for a second straight week, American Silver Eagles accounted for all silver sales.

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.