Gold and silver futures fell on Friday while platinum and palladium advanced. All four precious metals declined on the week, however, with their losses ranging from 1.6% to 2.2%.
Gold for December delivery shed $9.50, or 0.7%, to finish at $1,280.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Oct. 6 when the yellow metal ended at $1,274.90 an ounce.
"This has certainly been another interesting week for gold," MarketWatch quoted Lukman Otunuga, research analyst at FXTM. "The metal has steadily depreciated in recent days, despite geopolitical tensions and political uncertainty supporting the flight to safety."
"There is a suspicion that the culprit behind gold’s selloff may be renewed optimism over Donald Trump’s tax reforms," he said.
Gold futures traded 1.9% lower this week after surging 2.3% last week for their first weekly win in five weeks. They are 11.2% higher so far this year. In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street vs. Main Street survey:
"Nineteen market professionals took part in the Wall Street survey. Eleven participants, or 58%, look for gold to be lower next week. Only three, or 16%, called for higher, while the remaining five, or 26%, were either neutral or expect a sideways market.
The bears had the upper hand in the Main Street poll, although barely by a mere six votes. Of the 858 votes cast, 386 of them, or 45%, look for gold to fall in the next week. Another 380, or 44%, said higher, while 92, or 11%, were neutral."
Elsewhere, silver for December delivery lost 17.7 cents, or 1%, to settle at $17.078 an ounce. Silver futures also declined 1.9% on the week. On Wednesday, they ended at their weakest level since Oct. 9. Prices rallied 3.7% last week. The precious metal is 6.8% higher on the year to date.
In PGM futures on Friday and for the week:
January platinum gained 90 cents, or 0.1%, to $926.80 an ounce, but logged 2.2% weekly decline.
- Palladium for December delivery tacked on $17.05, or 1.8%, to $969.85 an ounce, but fell 1.6% this week.
Both metals are higher on the year with advances of 2.3% for platinum and 41.9% for palladium.
London Precious Metals Prices
London precious metals prices ended mixed on Friday and down on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold declined $5.20, or 0.4%, to 1,281.20 an ounce.
- Silver added 5 cents, or 0.3%, to $17.075 an ounce.
- Platinum dipped $2, or 0.2%, to $919 an ounce.
- Palladium rose $25, or 2.6%, to $976 an ounce.
For the week, their losses totaled 1.4% for gold, 0.7% for silver, 2.3% for platinum and 2% for palladium.
US Mint Bullion Sales in 2017
United States Mint bullion sales picked from a week ago. In headline comparisons:
Gold coins rose by 7,500 ounces this week compared to 4,500 ounces last week. Splits include 5,000 ounces in American Gold Eagles versus 3,500 ounces previously, and 2,500 ounces in American Gold Buffalos compared to 1,000 ounces previously.
- Silver coins climbed by 450,000 ounces after rising by 150,000 ounces last week. American Silver Eagles again accounted for all silver sales each week.
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||September||October||YTD|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||20,000|
|$25 American Eagle 1 Oz Palladium Coin*||0||0||0||15,000||0||15,000|
|$50 American Eagle 1 Oz Gold Coin||0||3,000||2,500||8,000||8,000||178,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||0||1,000||2,000||32,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||2,000||2,000||58,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||20,000||25,000||25,000||355,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,000||2,500||1,500||4,500||81,000|
|$1 American Eagle 1 Oz Silver Coin||0||150,000||450,000||320,000||750,000||16,648,500|
|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|
|2017 Ellis Island 5 Oz Silver Coin*||0||0||0||0||0||40,000|