Gold futures declined Friday but still scored a weekly increase, their third straight. Silver and palladium also gained on the week. The former snapped a two-week losing streak.
Gold for December delivery fell $1.40, or 0.1%, to settle at $1,228.70 an ounce on the Comex division of the New York Mercantile Exchange.
"The enormity of significant tail risks around the U.S. midterm elections and escalating pockets of geopolitical angst still make gold a favorable hedge against these," Reuters quoted Stephen Innes, APAC trading head at OANDA in Singapore.
Gold futures advanced 0.6% this week after gains of 1.4% last week and 0.8% the week before then. On Tuesday, they closed at $1,231 an ounce for their highest finish since July 31. The yellow metal is 6.2% 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:
"Fourteen market professionals took part in the Wall Street survey. Eleven respondents, or 79%, predicted higher prices by next Friday. There were no bearish votes, while three respondents, or 21%, looked for a sideways market.
Meanwhile, 526 people responded to an online Main Street poll. A total of 316 respondents, or 60%, called for gold to rise. Another 124, or 24%, predicted gold would fall. The remaining 86 voters, or 16%, see a sideways
Advancing for the first time in four sessions, silver for December rose 4.6 cents, or 0.3%, to $14.65 an ounce. Silver futures edged up 0.1% this week after sliding 0.1% last week. They are 14.6% lower on the year so far.
In PGM futures on Friday and for the week:
January platinum added $4.30, or 0.5%, to $836 an ounce, but posted a 0.5% weekly decline.
- Palladium for December delivery settled up $5.20, or 0.5% to $1,069.90 an ounce, for a 0.9% increase on the week.
For the year to date, platinum is 10.9% lower while palladium is 0.8% higher.
London Precious Metals Prices
London precious metals prices ended higher on Friday and mostly higher for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $4.85, or 0.4%, to 1,227.85 an ounce.
- Silver added 9.5 cents, or 0.7%, to $14.61 an ounce.
- Platinum gained $7, or 0.8%, to $835 an ounce.
- Palladium rose $11, or 1%, to $1,086 an ounce.
In LBMA weekly results, platinum shed 0.4% while the other metal prices gained — 0.7% for gold, 0.1% for silver, and 0.2% for palladium.
US Mint Bullion Sales in 2018
Sales of United States Mint bullion coins were lower for a third week in a row. In headline week-over-week comparisons:
Gold bullion coins rose by 5,500 ounces this week after increasing by 7,000 ounces last week. Splits included 3,000 ounces in American Gold Eagles against 6,000 ounces previously and 2,500 ounces in American Gold Buffalos compared to 1,000 ounces previously.
Silver bullion coins moved up by 200,000 ounces this week after climbing by 260,000 ounces previously. American Silver Eagles accounted for all sales in both weeks.
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||September||October||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||30,000|
|$50 American Eagle 1 Oz Gold Coin||0||6,000||2,500||14,500||13,000||164,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||2,000||2,000||26,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||4,000||0||58,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||40,000||10,000||210,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,000||2,500||11,000||5,000||113,000|
|$1 American Eagle 1 Oz Silver Coin||0||260,000||200,000||2,897,500||1,130,000||13,265,000|
|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|
|Cumberland Island 5 Oz Silver Coin||0||0||0||52,500||0||52,500|