Gold climbed for a second day in a row Friday, securing a hefty weekly increase, topping $1,400 an ounce and closing at a fresh 5.8-year high.
Gold for August delivery rose $3.20, or 0.2%, to settle at $1,400.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 3, 2013 when the yellow metal ended at $1,412 an ounce.
"Gold is seeing a continuation move from bullish comments throughout the week, most notably the fact that world central banks easing monetary policy is generally very supportive for commodities overall, particularly gold," Reuters quoted David Meger, director of metals trading at High Ridge Futures.
Gold futures rallied 4.1% this week after slipping 0.1% last week. They are 9.3% 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:
"Eighteen market professionals took part in the Wall Street survey. A total of 12 voters, or 67%, called for gold to rise. There were three votes each, or 17%, for both lower and sideways/neutral.
Meanwhile, 936 respondents took part in an online Main Street poll, the most in nearly a year. A total of 616 voters, or 66%, called for gold to rise. Another 196, or 21%, predicted gold would fall. The remaining 124 voters, or 13%, saw a sideways market."
Elsewhere, silver for July delivery declined 20.2 cents, or 1.3%, to finish at $15.29 an ounce. Silver futures traded 3.3% higher this week after falling 1.5% last week. On Thursday, they closed at their best level since March 25. Silver prices are 1.6% lower on the year so far.
In PGM futures on Friday and for the week:
July platinum added $5.40, or 0.7%, to close at $811 an ounce, for a 0.8% weekly increase.
- Palladium for September delivery advanced $19, or 1.3%, to settle at $1,499.60 an ounce, jumping 2.6% on the week.
Both are higher on the year with gains of 1.3% for platinum and 25.3% for palladium.
London Precious Metals Prices
London precious metals prices finished mostly lower on Friday but mostly higher on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold gained $17.65, or 1.3%, to $1,398.15 an ounce.
- Silver declined 4 cents, or 0.3%, to $15.29 an ounce.
- Platinum fell $12, or 1.5%, to $803 an ounce.
- Palladium dropped $22, or 1.4%, to $1,500 an ounce.
In LBMA results for the week, platinum shed 0.4% while the others registered gains totaling 3.4% for gold, 1.8% for silver, and 3.7% for platinum.
US Mint 2019 Bullion Sales
United States Mint bullion sales were muted this week according to data on the agency’s website. The U.S. Mint last week sold a combined 5,000 ounces in gold coins and 326,500 ounces in silver coins.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Friday / This Week||Last Week||April||May||June||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||3,000||6,500||3,500||3,500||77,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||0||0||19,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||0||0||26,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||25,000||5,000||5,000||145,000|
|$50 American Buffalo 1 Oz Gold Coin||0||2,000||6,500||3,000||3,000||47,500|
|$1 American Eagle 1 Oz Silver Coin||0||326,500||1,196,000||866,000||550,000||9,537,000|
|American Memorial Park 5 Oz Silver Coin||0||0||N/A||78,000||0||78,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||6,500||N/A||0||40,000|