Gold Declines 1.6% For Week

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Gold futures declined on the day and for the week

Precious metals declined Friday, broadening weekly losses for gold and silver while trimming gains on the week for platinum and palladium.

Gold for December delivery fell $12.20, or 0.8%, to settle at $1,488.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Sept. 30.

"Optimism over the U.S.-China trade situation has fueled a stock market rally, which is the reason for gold underperforming in the last couple of days," Reuters quoted Fawad Razaqzada, market analyst with

"But I don’t see a massive sell-off in gold on the back of a trade deal if there is one, it would actually be positive in (the) long term. If China gets a deal, Chinese demand for gold should rise as it is the largest gold consumer in the world."

Gold futures traded 1.6% lower this week after rising 0.4% last week. They are 16.2% 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. Five analysts or 29% said they see higher prices next week. Eight analysts, or 47%, predicted gold would fall. The remaining 4 voters, or 24%, saw a sideways market or else were neutral.

Meanwhile, 954 respondents took part in an online Main Street poll. A total of 566 voters, or 59%, called for gold to rise. Another 221, or 23%, predicted gold would fall. The remaining 167 voters, or 18%, saw a sideways market."

Silver for December delivery shed 5.8 cents, or 0.3%, to settle at $17.544 an ounce. Silver futures finished 0.5% lower on the week, logging their third straight weekly decline. They dipped 0.2% last week and dropped 1.1% in the week ended Sept. 24. Silver has gained 12.9% on the year so far.

In PGM futures on Friday and for the week:

  • January platinum lost $7.60, or 0.8%, to close at $900.30 an ounce, paring its weekly increase to 1.5%.

  • Palladium for December delivery shed $5.80, or 0.4%, to end at $1,670.10 an ounce, paring its weekly gain to 1.7%. On Thursday, the precious metal scored a record settlement at $1,675.90 an ounce.

Both metals are higher on the year with gains of 12.5% for platinum and 39.5% for palladium.

London Precious Metals Prices

London precious metals prices ended lower on Friday and mixed on the week. In comparing their latest day-over-day PM prices:

  • Gold declined $15.65, or 1.1%, to $1,479.15 an ounce.
  • Silver slipped 15 cents, or 0.9%, to $17.60 an ounce.
  • Platinum fell $3, or 0.3%, to $888 an ounce.

In LBMA weekly results, gold declined 1.3%, silver was nearly unchanged with a half cent loss, and platinum jumped 1.7%.

US Mint 2019 Bullion Sales

United States Mint bullion coins showed mixed performances this week from last with sales higher for gold coins and lower for silver coins. In week-over-week comparisons:

  • Gold bullion sales moved up by 3,500 ounces this week after increasing by 2,500 ounces last week. For a third week in a row, American Gold Eagles accounted for all the sales.

  • American Silver Eagles rose by 255,000 ounces after advancing by 565,000 ounces previously.

  • Five-ounce America the Beautiful silver coins climbed by 13,000 units, or 65,000 ounces, following their gains last week of 42,200 units, or 211,000 ounces.

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 September October 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 1,500 2,000 3,500 3,500 93,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 0 24,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 2,000 2,000 4,000 34,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 10,000 10,000 15,000 185,000
$50 American Buffalo 1 Oz Gold Coin 0 0 0 1,000 0 50,500
$1 American Eagle 1 Oz Silver Coin 0 565,000 255,000 1,021,000 535,000 13,825,000
San Antonio Missions 5 Oz Silver Coin 0 42,200 12,500 37,700 17,000 54,700
War in the Pacific 5 Oz Silver Coin 0 0 500 2,500 500 72,500
American Memorial Park 5 Oz Silver Coin* 0 0 0 0 0 80,000
Lowell 5 Oz Silver Coin* N/A   80,000
$100 American Eagle 1 Oz Platinum Coin* N/A   40,000


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