Precious metals futures finished mixed on Friday but fell in tandem for the week. Gold climbed modestly after ending at a more than eleven-week low on Thursday. Silver, however, stretched its losing streak to six straight sessions and closed at an about three-week low.
Gold for December delivery added $2.20, or 0.2%, to settle at $1,271.80 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold went up on the back of the Catalonia independence, but I still think it’s not going to last long because the dollar is still trading at high levels," Reuters quoted Forex.com analyst Fawad Razaqzada.
Gold futures traded 0.7% lower this week after falling 1.9% last week. They rallied 2.3% in the week before then. The week’s low point for gold happened on Thursday when prices ended at their weakest point since Aug. 8. The yellow metal is 10.4% 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:
"Sixteen market professionals took part in the Wall Street survey. Eleven participants, or 69%, predicted that gold will be lower next week. Four, or 25%, called for higher, while just one voter, or 6%, said sideways.
Meanwhile, 599 votes were cast in an online Main Street poll. A total of 264 voters, or 44%, looked for gold to rise in the next week. Another 250, or 42%, said lower, while 85, or 14%, were neutral."
Elsewhere, silver for December delivery lost 5.9 cents, or 0.4%, to settle at $16.752 an ounce. The close is the lowest since Oct. 5. Silver futures declined 1.9% this week, matching their loss last week. Prices are 4.8% higher on the year to date.
In PGM futures on Friday and for the week:
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January platinum fell $7.50, or 0.8%, to $914.60 an ounce, for a 1.3% weekly decline.
- Palladium for December delivery dropped $9.85, or 1%, to $958.25 an ounce, falling 1.2% on the week.
The pair are higher on the year so far with gains of 1% for platinum and 40.2% for palladium.
London Precious Metals Prices
London precious metals prices ended mixed on Friday and down on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold declined $7.30, or 0.6%, to 1,266.45 an ounce.
- Silver fell 25 cents, or 1.5%, to $16.72 an ounce.
- Platinum declined $10, or 1.1%, to $917 an ounce.
- Palladium rose $2, or 0.2%, to $972 an ounce.
For the week, their losses totaled 1.2% for gold, 2.1% for silver, 0.2% for platinum and 0.4% for palladium.
US Mint Bullion Sales in 2017
United States Mint bullion sales slowed from a week ago. In headline comparisons:
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Gold coins climbed by 3,000 ounces this week compared to 7,500 ounces last week. Splits include 2,000 ounces in American Gold Eagles versus 5,000 ounces previously, and 1,000 ounces in American Gold Buffalos compared to 2,500 ounces previously.
- Silver coins advanced by 250,000 ounces after rising by 450,000 ounces last week. American Silver Eagles 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 | 2,000 | 8,000 | 10,000 | 180,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 1,000 | 2,000 | 32,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 0 | 2,000 | 2,000 | 58,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 20,000 | 0 | 25,000 | 25,000 | 355,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 2,500 | 1,000 | 1,500 | 5,500 | 82,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 450,000 | 250,000 | 320,000 | 1,000,000 | 16,898,500 |
| 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 |
