Precious metals jumped on Friday, springing them forward for the week. Gold’s weekly gain was its fourth in a row, and it ended the day at a five-week high.
Gold for December delivery rose $22.20, or 1.2%, to close at $1,833.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since July 29 when the precious metal finished at $1,835.80 an ounce.
"Gold received a welcome boost from a much weaker (jobs) report," Reuters quoted Saxo Bank analyst Ole Hansen.
"But the fact that gold has failed to break above resistance at $1,835 could indicate some skepticism about whether this means peak growth and delayed taper."
U.S. nonfarm payrolls increased by 235,000 jobs last month, while the unemployment rate fell to 5.2% from 5.4%, the Labor Department said on Friday. The increase in jobs was the fewest in seven months, and under the reported expectations of experts who anticipated the addition of 720,000 jobs.
Gold prices climbed 0.8% this week. They have advanced a combined $70.60, or 4%, through their four consecutive weekly gains. Still, however, the yellow metal is 3.2% 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:
"This week 15 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 10, or 67%, called for gold prices to rise. At the same time, two analysts, or 13%, called for lower gold prices next week. Three analysts, or 20%, were neutral on gold in the near term.
Meanwhile, A total of 637 votes were cast in an online poll. Of these, 416 respondents, or 65%, looked for gold to rise next week. Another 118, or 19%, said lower, while 103 voters, or 16%, were neutral."
Elsewhere, silver for December delivery soared 88.4 cents, or 3.7%, to close at $24.802 an ounce. Silver futures traded 3.1% higher this week after surging 4.1% last week. Before then, the precious metal registered three straight weekly losses that cut prices by a combined $2.44 or 9.5%. They are now 6.1% lower on the year.
In other metal futures on Friday and for the week:
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October platinum tacked on $27.40, or 2.8%, to end at $1,021.60 an ounce, for a weekly 1.5% increase.
- Palladium for December delivery rose $15.90, or 0.7%, to finish at $2,416.30 an ounce, edging 0.3% higher on the week.
Both are lower on the year so far with losses of 5.3% for platinum and 1.5% for palladium.
US Mint Bullion Sales in 2021
For a third week in a row, United States Mint bullion sales slowed (overall) for both gold and silver coins. In week-over-week comparisons:
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Sales of American Gold Eagles rose 18,500 ounces after increasing 19,500 ounces last week.
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Sales of American Buffalo gold coins increased 4,500 ounces, matching last week.
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Sales of American Silver Eagles climbed 750,000 ounces after rising 775,500 ounces last week.
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 / September | Last Week | This Week | June | July | August | 2021 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 17,000 | 11,500 | 158,000 | 49,500 | 112,000 | 746,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 15,000 | 10,000 | 21,000 | 77,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 6,000 | 28,000 | 30,000 | 0 | 34,000 | 120,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 10,000 | 0 | 90,000 | 40,000 | 50,000 | 330,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 4,500 | 4,500 | 27,500 | 14,500 | 27,500 | 235,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 775,000 | 750,000 | 2,800,000 | 3,104,000 | 3,930,000 | 22,940,500 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 0 | 75,000 |
| Tuskegee Airmen 5 oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 0 | 52,900 |
Kaiser, please wake me up when it hits $50/oz.