Gold futures declined on Friday to log their third loss in a row and snap a string of four straight weekly increases.
Gold for August delivery shed $8.10, or 0.6%, to settle at $1,271.40 an ounce on the Comex division of the New York Mercantile Exchange.
"It seems like long liquidation on gold and it looks vulnerable to more setbacks," Bloomberg News quoted Phil Streible, a senior market strategist at RJO Futures in Chicago, said in a telephone interview. "Gold has been such a great trade and there was so much optimism, but it just failed to breach through $1,300. People are now looking at interest rates, with bond yields rising."
Gold futures declined 0.7% this week after four weekly advances that added a combined 4.3% to prices. The yellow metal last closed higher on Tuesday at $1,297.50 an ounce, marking its best settlement since Nov. 4. Gold is 10.4% higher so far this year.
In looking ahead to next week, Kitco News offers the following forecasts via their weekly gold survey:
"Eighteen traders and analysts took part in a weekly Kitco News Wall Street survey. Four voters, or 22%, see gold prices rising by next Friday. Eleven, or 61%, said lower, while three voters, or 17%, were either neutral or expected sideways prices.
Meanwhile, 946 readers submitted votes in an online Main Street poll. A total of 525 voters, or 55%, are bullish. Another 317, or 34%, say that gold will fall, while 104, or 11%, are neutral."
Also falling for a third straight session, silver for July delivery lost 19.1 cents, or 1.1%, to settle at $17.223 an ounce. Silver futures fell 1.7% this week following three weekly gains that stacked on 6.9%. On Tuesday, they ended at their best price since April 24. The precious metal is 7.7% higher on the year to date.
In PGM futures on Friday and for the week:
July platinum rose $2.20, or 0.2%, to $940.30 an ounce, but lost 1.4% this week.
- Palladium for September delivery added $9.70, or 1.2%, to $856.20 an ounce, for a 2.7% weekly increase.
Both are higher on the year so far with increase of 3.8% for platinum and 25.3% for palladium.
London Precious Metals Prices
London precious metals prices were mixed on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold declined $6.55, or 0.5%, to $1,266.55 an ounce.
- Silver dropped 25 cents, or 1.4%, to $17.35 an ounce.
- Platinum lost $6, or 0.6%, to $939 an ounce.
- Palladium jumped $41, or 4.8%, to $896 an ounce.
For the week in LBMA prices, gold slipped 0.7% while silver, platinum and palladium advanced by 0.9%; 0.8%; and 7%.
US Mint Bullion Sales in 2017
U.S. Mint bullion sales remained slow for gold coins and strengthened a bit for silver coins. In weekly headline comparisons:
Gold coins advanced 1,000 ounces, matching last week to include the same splits of 500 ounces in American Gold Eagles and 500 ounces in American Gold Buffalos.
Silver coins moved up by 325,00 ounces compared to 300,500 ounces previously. Splits include 229,000 ounces in American Silver Eagles versus 300,000 ounces previously and 96,000 ounces in ATB 5-ounce silver bullion coins compared to 500 ounces previously. Most of the 5-ounce sales were from the newly released bullion coin honoring Ozark National Scenic Riverways in Missouri.
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 / June||May||YTD|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||500||0||10,000||137,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||2,000||27,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||2,000||48,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||5,000||30,000||245,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||500||5,000||64,500|
|$1 American Eagle 1 Oz Silver Coin||0||300,000||229,000||2,455,000||11,476,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||100||2,000||5,600||28,200|
|2017 Frederick Douglass 5 Oz Silver Coin||0||0||0||2,400||20,000|
|2017 Ozark Riverways 5 Oz Silver Coin||0||N/A||17,200||N/A/||17,200|