Precious metals futures rebounded Friday, securing across-the-board weekly wins. Silver’s advance on the week was its first in eleven weeks while gold posted its first weekly gain in three weeks.
Gold for December delivery on Friday rose $19.30, or 1.6%, to settle at $1,213.30 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since Aug. 10.
"Investor appetite for gold has been in the doldrums in recent months. Rate hikes, low inflation, rising equity markets and a strong dollar have significantly diminished the appeal of gold," Reuters quoted ANZ analysts.
"The fall in gold prices could invigorate a pick-up in physical demand. Overall we see gold prices stabilizing at current levels, with the probability of a short-covering rally increasing substantially."
Gold futures surged 2.5% this week after declines of 2.9% last week and 0.3% the week before then. The yellow metal is down 7.3% on the year to date.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"This time around, 326 out of 718 Main Street respondents, or 45%, called for gold to rise. A total of 277, or 39%, predicted gold would fall. The remaining 115, or 16%, see a sideways market.
Seventeen market professionals took part in the Wall Street survey. Nine respondents, or 53%, called for higher prices, while just two, or 12%, said lower. Six respondents, or 35%, predicted a sideways market."
Elsewhere, silver for September jumped 25.2 cents, or 1.7%, to settle at $14.794 an ounce. The settlement was the highest since Aug. 14. Silver futures climbed 1.1% this week following ten straight weekly losses that had reduced prices by a combined 12.6%. The precious metal is 13.7% lower on the year.
In PGM futures on Friday and for the week:
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October platinum added $11, or 1.4%, to $789.40 an ounce, for a 1.6% weekly increase.
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Palladium for September delivery tacked on $17.40, or 1.9%, to $928.60 an ounce, marking a 5.8% weekly increase.
Both are down on the year to date with losses of 15.9% for platinum and 12.5% for palladium.
London Precious Metals Prices
London precious metals prices ended mostly higher on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $5.35, or 0.5%, to 1,197.70 an ounce.
- Silver fell a half cent to $14.62 an ounce.
- Platinum added $3.50, or 0.4%, to $786 an ounce.
- Palladium rose $17, or 1.9%, to $932 an ounce.
In LBMA results for the week, prices advanced 1.6% for gold, 0.9% for platinum and 4.1% for palladium while those for silver slipped 0.3%.
US Mint Bullion Sales in 2018
Gains in United States Mint bullion coins were lower this week than last week. In headline week-over-week comparisons:
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Gold bullion coins rose by 4,000 ounces after rising by 14,000 ounces previously. This week’s increase came entirely from American Gold Eagles. Last week, splits included 5,500 ounces in American Gold Eagles and 8,500 ounces in American Gold Buffalos.
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Silver bullion coins moved up by 225,000 ounces after climbing by 690,000 ounces previously. For an eighth week in a row sales came entirely from American Silver Eagles.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Friday | Last Week | This Week | July | August | 2018 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| $50 American Eagle 1 Oz Gold Coin | 0 | 4,000 | 3,000 | 31,500 | 13,500 | 132,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 1,000 | 1,000 | 2,000 | 20,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 0 | 2,000 | 2,000 | 52,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 0 | 25,000 | 5,000 | 155,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 8,500 | 0 | 24,500 | 18,000 | 96,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 690,000 | 225,000 | 885,000 | 1,180,000 | 8,887,500 |
| Pictured Rocks 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Apostle Islands 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Voyageurs 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
