Most precious metals advanced Friday. Robust gains in gold and silver lifted their prices up for the week after they dropped sharply last week.
Gold for April delivery rose $13.20, or 1%, to settle at $1,299.30 an ounce on the Comex division of the New York Mercantile Exchange.
Gold was "clearly reacting to the jobs numbers, but this is too obvious," MarketWatch quoted Jeff Wright, executive vice president of GoldMining Inc. "In my opinion, gold is responding to the weekly downtrend in the U.S. equity markets along with U.S. dollar weakness [Friday] across the major currencies."
U.S. employers added only 20,000 jobs in February compared to 311,000 jobs in January, the Labor Depart said Friday in its monthly jobs report. The unemployment rate fell to 3.8% from 4% in January.
Gold futures inched up 10 cents this week after dropping 2.5% last week. Including today’s gain, gold has claimed just two wins in ten sessions. Before then, on Feb. 20, the yellow metal finished at $1,347.90 an ounce to score a ten-month high. Gold prices are now 1.4% higher 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. Twelve participants, or 86%, described themselves as bullish for the week ahead. There was one vote each, or 7%, for lower and neutral.
Meanwhile, 538 respondents took part in an online Main Street poll. A total of 274 voters, or 51%, called for gold to rise. Another 177, or 33%, predicted gold would fall. The remaining 87 voters, or 16%, saw a sideways market."
Elsewhere, silver for May delivery surged 30.9 cents, or 2.1%, to settlement at $15.349 an ounce. On Thursday, the precious metal finished at its worst level since Dec. 24. Friday’s increase was enough to take away prior-day losses, driving silver 0.6% higher on the week. Silver prices are still 1.2% lower on the year.
In PGM futures on Friday and for the week:
April platinum edged up 50 cents, or less than 0.1%, to $817.60 an ounce, but sank 5.3% on the week.
- Palladium for June delivery fell $23.40, or 1.6%, to $1,459 an ounce, for a 3.1% weekly loss. A week ago Tuesday, Feb. 26, palladium registered a record settlement at $1,519.70 an ounce.
Both are higher on the year with gains of 2.1% for platinum and 21.9% for palladium.
London Precious Metals Prices
London precious metals prices finished divided Friday and lower on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold added $11.45, or 0.9%, to $1,296.75 an ounce.
- Silver rose 4 cents, or 0.3%, to $15.115 an ounce.
- Platinum declined $6, or 0.7%, to $818 an ounce.
- Palladium fell $23, or 1.5%, to $1,509 an ounce.
In LBMA results for the week, the losses reached 1.2% for gold, 2.9% for silver, 5.2% for platinum, and 2.8% for palladium.
US Mint 2019 Bullion Sales
United States Mint bullion sales slowed from a week ago. In headline week-over-week comparisons:
Gold bullion coins rose by 2,000 ounces after rising by 2,600 ounces last week. Splits included 1,500 ounces in American Gold Eagles compared to 2,100 previously and 500 ounces in American Gold Buffalos to match the previous week.
American Silver Eagles sales were flat this week after climbing by 100,000 ounces last week.
American Platinum Eagle sales were also flat on the week after rising by 600 ounces last 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||January||February||March / This Week||2019 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||600||27,100||2,400||0||29,500|
|$50 American Eagle 1 Oz Gold Coin||0||1,500||44,500||11,000||1,500||57,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||15,000||1,000||0||16,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||20,000||0||0||20,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||85,000||10,000||0||100,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||23,500||6,000||500||30,000|
|$1 American Eagle 1 Oz Silver Coin||0||100,000||4,017,500||2,157,500||0||6,175,000|