Prices for gold, silver and platinum tumbled Friday, dragging the metals into the red for the week. Gold fell from a more than six-year high. Palladium also edged lower on the day and from a record settlement, but the precious metal still gained on the week.
Gold for August delivery lost $20.80, or 1.5%, to settle at $1,400.10 an ounce on the Comex division of the New York Mercantile Exchange.
"The U.S. jobs data is driving all the pressure on gold right now. The payroll numbers crushed all expectations. That may decrease the urgency for a Fed cut in July," Reuters quoted Chris Gaffney, president of world markets at TIAA Bank.
The Labor Department reported earlier in the day that the U.S. economy added 224,400 jobs in June, the best gains since January and well above expectations of about 160,000.
Gold futures traded 1% lower this week following weekly increases of 1% and 4.1%. On Wednesday, the yellow metal marked its highest close since May 14, 2013. Gold is 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:
"Sixteen market professionals took part in the Wall Street survey. A total of eight voters, or 50%, called for gold to rise. Nevertheless, a higher percentage of voters were bearish than in the last several surveys. There were four votes each, or 25%, for both lower and sideways/neutral.
Meanwhile, 721 respondents took part in an online Main Street poll. A total of 470 voters, or 65%, called for gold to rise. Another 144, or 20%, predicted gold would fall. The remaining 107 voters, or 15%, saw a sideways market."
Silver for September delivery fell 33.5 cents, or 2.2%, to settle at $15.001 an ounce. Silver futures traded 2.2% lower this week following weekly gains of 0.3% and 3.3%. Silver prices are 3.5% lower on the year so far.
In PGM futures on Friday and for the week:
October platinum sank $32.20, or 3.8%, to finish at $811.40 an ounce, for a 3.5% weekly decline.
- Palladium for September delivery dipped $1.60, or 0.1%, to close at $1,564.20 an ounce but advanced 1.7% on the week. On Wednesday, palladium notched a record settlement at $1,565.80 an ounce.
Both are higher on the year with gains of 1.4% for platinum and 30.7% for palladium.
London Precious Metals Prices
London precious metals prices finished lower on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold declined $26.25, or 1.9%, to $1,388.65 an ounce.
- Silver fell 7 cents, or 0.5%, to $15.21 an ounce.
In LBMA results for the week, losses totaled 1.4% for gold and 0.1% for silver.
US Mint 2019 Bullion Sales
United States Mint bullion sales were flat this week according to data on the agency’s website. The U.S. Mint last week sold 1,000 ounces in American Gold Eagles and 485,000 ounces in 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. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Friday / This Week / July||Last Week||April||May||June||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||1,000||6,500||3,500||4,500||78,500|
|$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||0||6,500||3,000||3,000||47,500|
|$1 American Eagle 1 Oz Silver Coin||0||485,000||1,196,000||866,000||1,035,000||10,022,000|
|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|