Gold Gains For Third Week, But Steps Back From Six-Year High

Five gold bullion bars
Gold futures gained 1 % this week, logging their third straight weekly increase

Precious metals futures divided Friday with losses in gold and silver and gains in platinum and palladium. While gold retreated from its prior day, more than six-year high, it still scored its third straight weekly win.

Gold for December delivery on Friday declined $7.60, or 0.5%, to settle at $1,523.60 an ounce on the Comex division of the New York Mercantile Exchange.

"Drivers for gold have included global growth in negative interest rate bonds, the decline in real interest rates in the U.S., [and] uncertainty regarding U.S./China trade policy and political unrest in Hong Kong," MarketWatch quoted Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

Gold futures rose 1% this week after surging 3.5% last week and rising 2.7% in the week ended Aug. 2. On Thursday, they ended at $1,531.20 an ounce for their highest settlement since April 11, 2013. Gold is 18.9% higher on the year.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"This week 17 market professionals took part in the Wall Street survey. A total of 10 voters (59%) called for gold to be higher next week. Meanwhile three analysts (18%) said they were bearish on gold in the near-term. Four participants (24%) saw gold prices trading sideways next week.

Kitco’s online Main Street poll had 1,140 respondents. Participation in the poll hit a fresh one-year high, a sign that retail interest continues to grow in the marketplace. A total of 815 voters (71%) called for gold to rise further. Another 168 participants (15%) predicted for gold to fall. The remaining 156 voters (14%) saw a sideways market."

Elsewhere, silver for September delivery fell 9.2 cents, or 0.5%, to finish at $17.122 an ounce. Silver futures advanced 1.1% this week after soaring 4.1% last week. On Wednesday, they closed at $17.28 an ounce for their highest settlement since ending at $17.441 an ounce on Jan. 26, 2018. The precious metal is 10.2% higher on the year so far.

In PGM futures on Friday and for the week:

  • October platinum rose $9.50, or 1.1%, to $851.50 an ounce, but lost 1.4% on the week.

  • Palladium for September added $2.70, or 0.2%, to $1,441.30 an ounce, for a 1.6% weekly increase.

Both are higher on the year with gains of 6.4% for platinum and 20.4% for palladium.

London Precious Metals Prices

London precious metals prices mostly declined on Friday but mostly gained on the week. In comparing their levels from Thursday PM to Friday PM:

  • Gold dipped 40 cents, or less than 0.1%, to $1,515.25 an ounce.
  • Silver declined 13 cents, or 0.8%, to $17.16 an ounce.
  • Platinum fell $4, or 0.5%, to $833 an ounce.
  • Palladium rose $9, or 0.6%, to $1,443 an ounce.

In LBMA weekly results, the gains totaled 1.2% for gold, 0.9% for silver, and 0.8% for palladium, while platinum fell 3.5%.

US Mint 2019 Bullion Sales

United States Mint bullion sales picked up from last week. In week-over-week comparisons:

  • Gold bullion coins climbed by 2,000 ounces after rising by 1,500 ounces previously. Sales this week came entirely from American Gold Eagles. Splits last week included 1,500 ounces in American Gold Eagles and 500 ounces in American Gold Buffalo coins.

  • American Silver Eagles climbed by 252,000 ounces after registering flat last week.

  • Five-ounce America the Beautiful silver coins were muted for a second week in a row.

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 Last Week This Week July August 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 1,000 1,500 2,500 2,500 83,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 3,000 1,000 23,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 0 28,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 15,000 0 160,000
$50 American Buffalo 1 Oz Gold Coin 0 500 0 500 1,000 49,000
$1 American Eagle 1 Oz Silver Coin 0 0 252,000 1,240,000 252,000 11,514,000
War in the Pacific 5 Oz Silver Coin 0 0 0 57,000 8,000 65,000
American Memorial Park 5 Oz Silver Coin 0 0 0 0 0 78,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A 40,000


Notify of
Inline Feedbacks
View all comments