Most precious metals advanced on Friday and they all gained on the week. Gold and silver notched their second straight weekly increases.
Gold for June delivery on Friday added $6, or 0.5%, to settle at $1,347.90 an ounce on the Comex division of the New York Mercantile Exchange.
"Safe haven demand picks up with situation in Syria coming to decision point today and into the weekend for the Trump administration," MarketWatch quoted Jeff Wright, chief investment officer at Wolfpack Capital. "The true anxiety is how to respond without escalation of crisis from Russia, who have their own troops embedded" alongside Syrian President Bashar al-Assad’s forces throughout the country.
Gold futures traded 0.9% higher this week after rising 0.7% last week. On Wednesday, they ended at $1,360 an ounce — their strongest close since Jan. 25. Gold is 3% higher for the year so far.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"Sixteen market professionals took part in the weekly survey. Eleven respondents, or 69%, called for gold prices to rise over the next week. Another three voters, or 19%, looked for gold to fall, while two, or 13%, see a sideways market.
Meanwhile, 2,142 voters responded in an online Main Street survey, the most since mid-January. A total of 1,764 respondents, or 82%, predicted that gold prices would be higher in a week. Another 267 voters, or 12%, said gold will fall, while 111, or 5%, see a sideways market."
Advancing for the sixth time in seven sessions, silver for May delivery rose 18.5 cents, or 1.1%, to settle at $16.658 an ounce. Silver futures climbed 1.8% this week after gaining 0.6% last week. They are still 2.8% lower on the year to date.
In PGM futures on Friday and for the week:
July platinum declined $1.70, or 0.2%, to $933.10an ounce, but logged a 1.7% weekly increase.
- Palladium for June delivery surged $21.80, or 2.3%, to $980.95 an ounce, for a 9.6% weekly advance.
The two metals remain lower on the year with losses of 0.6% for platinum and 7.5% for palladium.
London Precious Metals Prices
London precious metals prices were also mostly higher on Friday and they all gained on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $2.35, or 0.2%, to $1,343.70 an ounce.
- Silver lost 1.5 cents, or 0.9%, to $16.505 an ounce.
- Platinum added $1, or 0.1%, to $929 an ounce.
- Palladium rose $31, or 3.2%, to $986 an ounce.
In weekly LBMA results, advances included 0.9% for gold, 1.4% for silver, 2% for platinum and 8.5% for palladium.
US Mint Bullion Sales in 2018
Sales of United States Mint bullion gold coins picked up by 2,500 ounces — their first gains in five weeks. Splits included 2,000 ounces in American Gold Eagles and 500 ounces in American Gold Buffalos.
The agency’s silver bullion coins climbed by 125,000 ounces this week after rising by 210,000 ounces last week. For a second week in a row, American Silver Eagles were the only silver coins to advance.
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||This Week||March||April||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||0||2,000||2,500||2,000||45,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||0||16,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||0||0||26,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||10,000||0||95,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||500||1,000||500||29,000|
|$1 American Eagle 1 Oz Silver Coin||0||210,000||125,000||915,000||335,000||5,427,500|
|Pictured Rocks 5 Oz Silver Coin||0||0||0||10,000||0||30,000|