Gold and silver bounced Friday from more than one- and two-year lows. Both were little changed on the week, however, although gold’s gain was enough to snap a three-weekly losing streak. Silver’s modest weekly loss drove its string of declines to eight weeks in a row.
Gold for December delivery on Friday rose $3.10, or 0.3%, to settle at $1,223.20 an ounce on the Comex division of the New York Mercantile Exchange.
"As long as the dollar remains strong — we believe another couple of months — demand should stay soft and prices should trade rather range-bound," Reuters quoted Julius Baer analyst Carsten Menke.
In comparing most-active contracts (switching from the August to December contract on Monday), gold futures edged up 20 cents this week, or less than 0.1%, following three weekly losses that brought prices down by a combined 2.6%. On Thursday, gold ended at its lowest level since July 13, 2017. The yellow metal is 6.6% lower on the year to date.
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 Wall Street survey. Eight respondents, or 50%, called for higher prices, while six, or 38%, said lower. Two respondents, or 13%, predicted a sideways market.
Meanwhile, 989 voters responded in an online Main Street survey. A total of 559 respondents, or 57%, predicted that gold prices will be lower in a week. Another 313 voters, or 32%, said gold will rise, while 117, or 12%, see a sideways market."
Elsewhere, silver for September settled up 7.7 cents, or 0.5%, to $15.462 an ounce. Silver futures dipped 0.2% this week, dropping a combined 7.6 % in their eighth straight weekly losses. On Thursday, the precious metal ended at its lowest price since April 8, 2016. Silver prices have plunged 9.8% on the year.
In PGM futures on Friday and for the week:
October platinum rose $8.70, or 1.1%, to $836.90 an ounce, for a 0.6% weekly increase.
- Palladium for September delivery declined $7.60, or 0.8%, to $907.90 an ounce, for a 1.2% weekly decline.
Both are lower on the year to date with drops of 10.8% for platinum and 14.4% for palladium.
London Precious Metals Prices
London precious metals prices also ended mixed on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose 85 cents, or less than 0.1%, to 1,216.30 an ounce.
- Silver lost 9 cents, or 0.6%, to $15.36 an ounce.
- Platinum added $9, or 1.1%, to $832 an ounce.
- Palladium fell $1, or 0.1%, to $920 an ounce.
In LBMA results for the week, prices for platinum and silver respectively rose 0.4% and less than 0.1% while those for gold and palladium declined 0.6% and 1.1%.
US Mint Bullion Sales in 2018
United States Mint bullion products were divided this week with sales of gold coins higher and those for silver coins lower. In headline weekly comparisons:
Gold bullion coins rose by 8,500 ounces this week after they advanced by 7,500 ounces last week. Last week, American Gold Eagles accounted for all the gains. This week, splits included 2,000 ounces in American Gold Eagles and 6,500 ounces in American Gold Buffalos.
Silver bullion coins moved up by 130,000 this week after rising by 240,000 last week. For a fifth week in a row sales came entirely from 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||This Week||July||August||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||30,000|
|$50 American Eagle 1 Oz Gold Coin||0||6,500||2,000||31,500||500||119,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||1,000||0||18,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||2,000||0||50,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||0||25,000||0||150,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||6,500||24,500||500||78,500|
|$1 American Eagle 1 Oz Silver Coin||0||240,000||130,000||885,000||30,000||7,737,500|
|Pictured Rocks 5 Oz Silver Coin||0||0||0||0||0||30,000|
|Apostle Islands 5 Oz Silver Coin||0||0||0||0||0||30,000|
|Voyageurs 5 Oz Silver Coin||0||0||0||0||0||30,000|