Precious metals futures changed little Friday with gold, silver and platinum advancing and palladium falling. Only gold and silver gained on the week, however.
Gold for June delivery on Friday rose $7.60, or 0.6%, to settle at $1,336.10 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold was given a lift by the soft U.S. dollar. The inverse relationship between the two markets is holding up, and even though there are concerns about the economic conflict between the US and China, it is the greenback that is having the biggest influence," MarketWatch quote David Madden, market analyst at CMC Markets.
Gold futures gained 0.7% this week after falling 1.7% last week. They are 2.1% on the year to date. In looking ahead to next week, Kitco News offers the following forecast via its Wall Street survey:
"Fourteen market professionals took part in the weekly survey. Eight respondents, or 57%, called for gold prices to rise over the next week. Another two voters, or 14%, looked for gold to fall, while four, or 29%, see a sideways market.
Meanwhile, 663 voters responded in an online Main Street survey. A total of 312 respondents, or 47%, predicted that gold prices would be higher in a week. Another 261 voters, or 39%, said gold will fall, while 90, or 14%, see a sideways market."
Elsewhere, silver for May delivery rose than a penny to close at $16.362 an ounce. Silver futures gained 0.6% this week after dropping 1.9% last week. They are 4.6% lower on the year so far.
In PGM futures on Friday and for the week:
July platinum added $2.20, or 0.2%, to settle at $917.50 an ounce, but posted a 1.6% weekly loss.
- Palladium for June delivery lost $4.95, or 0.6%, to $895.15 an ounce, tumbling 5.2% for the week.
The two metals are also lower on the year with losses of 2.2% for platinum and 15.6% for palladium.
London Precious Metals Prices
London precious metals prices were also mixed on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $3.50, or 0.3%, to $1,331.20 an ounce.
- Silver lost 3 cents, or 0.2%, to $16.275 an ounce.
- Platinum was unchanged at $911 an ounce.
- Palladium fell $3, or 0.3%, to $909 an ounce.
As for their weekly prices, gold rose 0.6%, silver was virtually flat with a half-penny loss, platinum shed 2.7% and palladium plunged 6.3%.
US Mint Bullion Sales in 2018
United States Mint bullion gold coin sales were muted for a fourth week in a row.
Silver bullion coin sales climbed by 210,000 ounces this week after rising by 285,000 ounces last week. This week, only American Silver Eagles gained. Last week, splits included 50,000 ounces in Pictured Rocks 5 Ounce Silver Bullion Coins and 285,000 ounces in American Silver Eagles.
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||Last Week||March||This Week / April||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||0||2,500||0||43,500|
|$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||0||10,000||0||95,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||1,000||0||28,500|
|$1 American Eagle 1 Oz Silver Coin||0||285,000||915,000||210,000||5,302,500|
|Pictured Rocks 5 Oz Silver Coin||0||10,000||10,000||0||30,000|