Gold Ends Week Near 10-Month High

gold bar and notes
Gold futures logged their best close since Nov. 4

Precious metals ended divided Friday. Gold and silver were among the gainers with the former ending at an almost 10-month high and the latter closing at a more than 1-week high.

Gold for December delivery advanced $5.90, or 0.5%, to settle at $1,297.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Nov. 4 when gold prices ended at $1,304.50 an ounce.

For now, "the rebound in gold prices likely reflect speculators testing the highest price levels for this year and focusing on continued policy uncertainty and risks of a debt ceiling showdown for the U.S. government," MarketWatch quoted Rob Haworth, senior investment strategist of U.S. Bank Wealth Management.

"In our view these issues are likely more transitory, and the strength in gold is likely to abate with a debt ceiling resolution and continued Fed policy normalization."

Gold futures traded 0.5% higher this week after slipping 0.2% last week. The yellow metal is 12.2% higher on the year to date. In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:

"Fifteen market professionals took part in a Kitco News Wall Street survey. Eleven voters, or 73%, see gold prices rising by the end of next week. There were two votes, or 13%, for both lower and sideways prices.

The Kitco online Main Street poll resulted in 788 votes, with 375 participants, or 48%, calling for gold to climb over the next week. Another 340 voters, or 43%, said that gold will fall, while 71, or 9%, were neutral."

Elsewhere, silver for September delivery added 8.6 cents, or 0.5%, to settle at $17.049 an ounce. The close is the strongest since a week ago Thursday, Aug. 17. Silver futures inched up 0.3% this week after sliding 0.4% last week. They are 6.6% higher so far this year.

In PGM futures on Friday and for the week:

  • October platinum declined $3.50, or 0.4%, to $979.10 an ounce, for a 0.3% weekly loss.

  • Palladium for September delivery dropped $5.10, or 0.5%, to $931.05 an ounce, but edged up 0.4% for the week. On Monday, the precious metal ended at $939 an ounce for its highest settlement since February 2001.

Both metals are higher on the year to date with gains of 8.1% for platinum and 36.3% for palladium.

London Precious Metals Prices

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

  • Gold declined $3.70 or 0.3%, to 1,285.30 an ounce.
  • Silver added 9 cents, or 0.5%, to $17.02 an ounce.
  • Platinum fell $2, or 0.2%, to $975 an ounce.
  • Palladium declined $10, or 1.1%, to $930 an ounce.

For the week, losses totaled 0.8% for both gold and silver, 1% for platinum, and 0.2% for palladium.

US Mint Bullion Sales in 2017

United States Mint bullion sales picked up this week. In the latest week-over-week comparisons:

  • Gold coins advanced by 4,500 ounces with splits of 4,000 ounces in American Gold Eagles and 500 ounces in American Gold Buffalos. Gold coins sales were flat last week.

  • Silver coins advanced by 190,000 ounces this week compared to 125,000 ounces last week. American Silver Eagles accounted for all silver sales for an eighth straight week. That will change next week with the five-ounce piece commemorating Ellis Island launching on Monday, Aug. 28.

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 July August YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 0 1,500 13,500 6,000 161,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 0 2,000 29,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 4,000 2,000 54,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 15,000 30,000 15,000 305,000
$50 American Buffalo 1 Oz Gold Coin 0 0 500 6,000 2,500 74,500
$1 American Eagle 1 Oz Silver Coin 0 125,000 190,000 2,320,000 425,000 14,978,500
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


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