Gold Logs First Weekly Increase in Four Weeks

gold bars and scale weighing gold bars
Weekly gains in precious metals futures ranged from 0.5% for gold to 2.9% for palladium

Precious metals futures ended mostly lower Friday but they advanced on the week. Silver stretched its weekly wins to two in a row. While gold dipped from a two-week high on Friday, the yellow metal snapped a string of three weekly losses.

Gold for June delivery shed $1.60, or 0.1%, to settle at $1,320.70 an ounce on the Comex division of the New York Mercantile Exchange.

"Geopolitical risks in the Middle East, a weaker dollar and softer Treasury yields are giving gold a temporary boost," Reuters quoted Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.

Gold futures traded 0.5% higher this week following three weekly declines that had trimmed prices by a combined $33.20 or 2.5%. On Thursday, they settled at their best price since April 27. The precious metal is 0.9% higher on the year so far.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"Nineteen market professionals took part in the survey. Fifteen of the respondents, or 79%, called for gold prices to rise over the next week. There were two votes each, or 11%, calling for gold to fall or be sideways.

Meanwhile, a larger-than-average 2,491 voters responded in an online Main Street survey. A total of 2,207 respondents, or 89%, predicted that gold prices would be higher in a week. Another 185 voters, or 7%, said gold will fall, while 99, or 4%, see a sideways market."

Falling for the first time in three sessions, albeit very modestly, silver for July delivery dipped a bit more than a half penny, or 0.04%, to close at $16.752 an ounce. Silver futures advanced 1.4% this week after rising 0.7% last week. They are still 2.3% lower on the year to date.

In PGM futures on Friday and for the week:

  • July platinum edged up 80 cents, or 0.09%, to $925.90 an ounce, for a 1.7% weekly increase.

  • Palladium for June delivery declined $8.70, or 0.9%, to $985.20 an ounce, reducing its weekly gain to 2.9%.

Both metals are down on the year with losses of 1.3% for platinum and 7.1% for palladium.

London Precious Metals Prices

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

  • Gold gained $5.55, or 0.4%, to $1,324.35 an ounce.
  • Silver rose 16 cents, or 1%, to $16.76 an ounce.
  • Platinum added $3, or 0.3%, to $926 an ounce.
  • Palladium climbed $13, or 1.3%, to $1,004 an ounce.

In weekly LBMA results, the gains reached 1.1% for gold, 2.1% for silver, 2.8% for platinum and 4.3% for palladium.

US Mint Bullion Sales in 2018

On Tuesday, United States Mint bullion coins registered their first and only gains of the month so far and for the week. The increases were solid for gold coins but weak for silver coins. In headline comparisons:

  • Gold bullion coins advanced by 6,500 ounces this week after they climbed by 1,500 ounces last week. Splits included 2,000 ounces in American Gold Eagles against 1,000 ounces previously and 4,500 ounces in American Gold Buffalos against 500 ounces previously.

  • American Silver Eagles rose by 50,000 coins this week after they moved up by 230,000 coins last week. Sales of five-ounce silver bullion coins were muted for a third straight week.

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 / May 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 0 500 1,500 2,500 4,000 49,000
$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 5,000 5,000 10,000 5,000 105,000
$50 American Buffalo 1 Oz Gold Coin 0 500 4,500 1,000 2,000 35,000
$1 American Eagle 1 Oz Silver Coin 0 230,000 50,000 915,000 915,000 6,057,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 10,000 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 N/A 30,000 30,000


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