Precious metals futures moved ahead Friday, lifting their weekly gains. Gold logged its second straight session increase, snapped a string of weekly losses that had reached four in a row, and settled above $1,300 an ounce to mark an almost three-week high.
Gold for December delivery tacked on $8.10, or 0.6%, to finish at $1,304.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Sept. 25 when the yellow metal ended at $1,311.50 an ounce.
"There are many triggers for gold, including the mix of economic data showing uncertainty of future growth to inflation, which would push the [Federal Reserve] to raise rates in a slower sequence," MarketWatch quoted Peter Spina, president and chief executive officer of GoldSeek.com. "The market is questioning the future rate increase amounts and thus the stage is being set up for a much larger gold rally in the months to year ahead."
Gold futures traded 2.3% higher this week to recover a portion of their combined 5.6% loss that accrued in the four previous weeks. They are 13.3% 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:
"Seventeen market professionals took part in the Wall Street survey. Eleven participants, or 65%, look for gold to be higher next week. Three, or 18%, called for lower, and the same number saw a sideways market.
Meanwhile, 740 votes were cast in an online Main Street poll, in which 448 voters, or 61%, predicted gold will rise in the week ahead. Another 224, or 30%, were bearish. The neutral votes totaled 68, or 9%."
Ending higher for the sixth time in seven sessions, silver for December delivery added 14.5 cents, or 0.8%, to close at $17.411 an ounce. The settlement is the strongest since Sept. 15 when the precious metal finished at $17.701 an ounce.
Silver futures rallied 3.7% this week after climbing 0.7% last week. They had given up a combined 8% in three weeks of declines before then. The precious metal is 8.9% higher on the year to date.
In PGM futures on Friday and for the week:
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January platinum rose $6.10, or 0.7%, to $947.90 an ounce, for a 3.4% weekly increase.
- Palladium for December delivery added $11.80, or 1.2%, to $985.50 an ounce, for a 7.2% weekly advance.
The pair is higher on the year with increases of 4.7% for platinum and 44.2% 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 rose $9.35, or 0.7%, to 1,299.60 an ounce.
- Silver added a half penny, or less than 0.1%, to $17.20 an ounce.
- Platinum gained $5, or 0.5%, to $941 an ounce.
- Palladium added $15, or 1.5%, to $996 an ounce.
For the week, gains reached 3% for gold, 3.5% for silver, 3.3% for platinum and 5.6% for palladium.
US Mint Bullion Sales in 2017
United States Mint bullion sales this week matched those from last week, overall. In headline comparisons:
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Gold coins rose by 4,500 ounces with splits each week at a combined 3,500 ounces in American Gold Eagles and 1,000 ounces in American Gold Buffalos.
- Silver coins climbed by 150,000 ounces. American Silver Eagles again accounted for all silver sales each week.
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 | September | October | YTD | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 20,000 |
| $25 American Eagle 1 Oz Palladium Coin* | 0 | 0 | 0 | 15,000 | 0 | 15,000 |
| $50 American Eagle 1 Oz Gold Coin | 0 | 2,500 | 3,000 | 8,000 | 5,500 | 175,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 1,000 | 1,000 | 2,000 | 32,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 2,000 | 0 | 56,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 0 | 25,000 | 5,000 | 335,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 1,000 | 1,000 | 1,500 | 2,000 | 78,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 150,000 | 150,000 | 320,000 | 300,000 | 16,198,500 |
| 2017 Effigy Mounds 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 35,000 |
| 2017 Frederick Douglass 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 20,000 |
| 2017 Ozark Riverways 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 20,000 |
| 2017 Ellis Island 5 Oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 40,000 |
