Gold futures bounced Friday from their lowest price of the year, snapping a three-session losing streak, but they still ended lower on the week — their second straight weekly decline.
Gold for April delivery gained $18.20, or 1.4%, to settle at $1,323.40 an ounce on the Comex division of the New York Mercantile Exchange.
"Trade in gold today is stepping back and looking at tariffs as a potentially more dovish scenario: weaker economic growth, lower real yields and a weaker dollar are impacting trade," Reuters quoted Rob Haworth, senior investment strategist for US Bank Wealth Management.
Gold futures dipped 0.5% this week after dropping 1.9% last week. On Thursday, they ended at their lowest price since Dec. 28. The precious metal is 1.1% 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:
"Twenty-one market professionals took part in the weekly Kitco News Wall Street survey. There were 14 votes, or 67%, calling for gold prices to rise over the next week. Another three voters, or 14%, looked for the metal to fall, while four, or 19%, look for a sideways market or are neutral.
Meanwhile, 541 voters took part in an online Main Street poll. A total of 272 voters, or 50%, said bullish. Another 189, or 35%, said lower, while 80, or 15%, were neutral."
Silver for May delivery gained 19 cents, or 1.2%, to settle at $16.466 an ounce. Silver futures edged 0.1% lower this week after falling 1.4% last week. They are 4% lower on the year.
In PGM futures on Friday and for the week:
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April platinum added $7.30, or 0.8%, to $965.10 an ounce, but posted a 3.4% weekly loss.
- Palladium for June delivery rose $13.45, or 1.4%, to $986.65 an ounce, but tumbled 4.8% on the week.
The two metals remained divided on the year with platinum 2.9% higher and palladium down 7%.
London Precious Metals Prices
London precious metals prices ended mixed on Friday and lower than a week ago. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $14.55, or 1.1%, to $1,322.30 an ounce.
- Silver added 13 cents, or 0.8%, to $16.445 an ounce.
- Platinum dipped $1, or 0.1%, to $968 an ounce.
- Palladium declined $18, or 1.8%, to $993 an ounce.
As for the week in LBMA metal prices, their losses totaled 0.4% for gold, 1% for silver, 2.2% for platinum and 4.6% for palladium.
US Mint Bullion Sales in 2018
U.S. Mint bullion sales were mixed this week with silver coins moving quicker and gold coins moving slower. In week-over-week comparisons:
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Gold coins rose by only 500 ounces after rising by 2,500 ounces a week earlier. Last week, all sales resulted from American Gold Eagles. This week, all sales resulted from American Gold Buffalos.
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American Silver Eagles advanced by 237,500 coins this week after they climbed by 70,000 coins last week.
- On Monday, the U.S. Mint released its first 2018-dated 5-ounce bullion silver coin. The piece depicts Pictured Rocks National Lakeshore in Michigan and it registered first-week sales of 20,000 coins or 100,000 ounces.
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 / March | Last Week | This Week | February | 2018 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 20,000 | 20,000 |
| $50 American Eagle 1 Oz Gold Coin | 0 | 2,000 | 0 | 5,000 | 41,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 0 | 16,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 0 | 26,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 0 | 5,000 | 85,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 500 | 2,500 | 26,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 70,000 | 237,500 | 942,500 | 4,177,500 |
| Pictured Rocks 5 Oz Silver Coin | 0 | N/A | 20,000 | 20,000 | 20,000 |
