Precious metals futures advanced Friday and most climbed on the week. Gold and silver posted their first weekly increases in five weeks.
Gold for June delivery on Friday gained $9.10, or 0.7%, to settle at $1,288.80 an ounce on the Comex division of the New York Mercantile Exchange.
"Despite a significant drop in long-term real rates, gold prices have remained flat [year-to-date] as recession fears have receded since late last year. However, we believe gold prices have likely undershot fundamental value," MarketWatch quoted commodity analysts at Goldman Sachs.
The yellow metal is 0.6% higher on the year to date.
Gold futures climbed 1% this week following four straight weekly losses that brought prices down by a combined 2.8%. In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
"Eighteen market professionals took part in the Wall Street survey. Eight voters, or 44%, look for gold to rise in the week ahead. Six voters, or 33%, call for lower prices, while the remaining four, or 22%, expect prices to be sideways or were neutral.
Meanwhile, 437 respondents took part in an online Main Street poll. A total of 239 voters, or 55%, called for gold to climb. Another 140, or 32%, predicted gold would fall. The remaining 58 voters, or 13%, saw a sideways market."
Elsewhere, silver for May delivery added 12.6 cents, or 0.9%, to end at $15.005 an ounce. Silver futures edged up 0.3% this week after four consecutive weekly declines reduced prices by a combined 2.9%. The precious metal is 3.4% lower on the year.
In PGM futures on Friday and for the week:
July platinum advanced $13.90, or 1.6%, to $903.60 an ounce, but finished 10 cents lower than a week ago.
- Palladium for June delivery rallied $40.30, or 2.9%, to $1,447.20 an ounce, for a 3.5% weekly increase.
Both are higher on the year so far with gains of 12.9% for platinum and 20.9% for palladium.
London Precious Metals Prices
London precious metals prices ended higher Friday and mostly higher on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold added $3.40, or 0.3%, to $1,284.20 an ounce.
- Silver rose 13.5 cent, or 0.9%, to $15 an ounce.
- Platinum added $11, or 1.3%, to $889 an ounce.
- Palladium tacked on $13, or 0.9%, to $1,431 an ounce.
In LBMA results for the week, platinum declined 0.1% while other metal prices posted gains of 0.7% for gold, 0.3% for silver and 2.6% for palladium.
US Mint 2019 Bullion Sales
United States Mint bullion sales moved quicker overall after two straight weeks of slowness. In headline week-over-week comparisons:
Gold bullion coins moved up by 3,000 ounces after rising by 500 ounces previously. Splits included 2,500 ounces in American Gold Eagles compared to 1,500 ounces previously and 500 ounces in American Gold Buffalos or a second straight week.
American Silver Eagle sales were muted for a third week in a row.
American Platinum Eagles rose by 1,800 ounces after climbing by 500 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||This Week||February||March||April||2019 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||500||1,800||2,400||4,000||3,900||37,400|
|$50 American Eagle 1 Oz Gold Coin||0||0||2,500||11,000||8,500||5,500||69,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||1,000||1,000||1,000||19,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||0||4,000||2,000||26,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||15,000||15,000||10,000||135,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||500||6,000||5,500||5,000||40,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||0||2,057,500||850,000||550,000||7,475,000|
|Lowell 5 Oz Silver Coin||0||0||0||N/A||80,000||0||80,000|