Gold Ends Week at 1-Month Low, Silver Logs 4.2% Weekly Loss

Precious metals futures declined for a second straight session Friday, locking down their weekly losses. Gold finished at a one-month low.

Gold for December delivery on Friday fell $16.50, or 1.4%, to settle at $1,208.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Oct. 10.

"The Fed’s announcement caused the dollar to strengthen and the outlook for higher U.S. interest rates has gold on the defense," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.

The Fed held interest rates steady on Thursday but signaled further hikes with the next one expected in December.

Gold futures lost 2% this week after slipping 0.2% last week. They had gained a combined 3.3% in four straight weekly increases before then. The yellow metal is 7.7% lower on the year to date.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"Twenty market professionals took part in the Wall Street survey. Twelve respondents, or 60%, predicted lower prices by next Friday. There were four votes each, or 20%, for higher and sideways.

Meanwhile, 370 people responded to an online Main Street poll. A total of 178 respondents, or 48%, called for gold to rise. Another 109, or 29%, predicted gold would fall. The remaining 83 voters, or 22%, see a sideways market."

Elsewhere, silver for December delivery dropped 28.3 cents, or 2%, to settle at $14.14 an ounce. Silver futures sank 4.2% this week following three consecutive weekly advances of 0.4%; 0.3%; and 0.1%. The precious metal is 17.5% lower on the year.

In PGM futures on Friday and for the week:

• January platinum fell $14.30, or 1.6%, to $856 an ounce, for a 2.3% weekly loss.

• Palladium for December delivery declined $18.60, or 1.7%, to $1,097.50 an ounce, for a 0.6% weekly decline. On Monday, they closed at $1,121.60 an ounce — $1.20 away from an all-time record.

The pair remain divided on the year so far with platinum 8.8% lower and palladium 3.4% higher.

London Precious Metals Prices

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

• Gold fell $12.75, or 1%, to 1,211.40 an ounce.
• Silver declined 15 cents, or 1%, to $14.35 an ounce.
• Platinum fell $8, or 0.9%, to $858 an ounce.
• Palladium rose $4, or 0.4%, to $1,122 an ounce.

In LBMA weekly results, palladium rose 0.7% while the other metal prices declined — 1.7% for gold, 3.2% for silver and 0.7% for platinum.

US Mint Bullion Sales in 2018

United States Mint bullion sales were stronger this week. In headline week-over-week comparisons:

• Gold bullion coins rose by 8,000 ounces this week after increasing by 6,000 ounces last week. Sales splits included 6,000 ounces in American Gold Eagles compared to 4,500 previously and 2,000 ounces in American Gold Buffalos versus 1,500 ounces previously.

• Silver bullion coins moved up by 405,000 ounces this week after rising by 100,000 ounces last week. American Silver Eagles accounted for all sales in both weeks.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.