Gold Logs First Weekly Loss in Seven Weeks

999.9 Fine Gold Bar
Gold prices declined 0.9% this week

Precious metals ended divided Friday and mostly lower for the week. Gold was one the metals to post a weekly loss, its first in seven weeks.

Gold for April delivery rose $3.40, or 0.2%, to settle at $1,573.40 an ounce on the Comex division of the New York Mercantile Exchange.

"A big jump in reported (coronavirus) cases or even harsher quarantine measures that contravene the story of the official numbers could push gold back to $1,600 level. However, some incontrovertible good news out of China and/or a sharp bond sell-off could trigger a reversal," Reuters quoted Tai Wong, head of base and precious metals derivatives trading at BMO.

Gold futures traded 0.9% lower this week following six straight weekly wins that had boosted prices by a combined $107, or 7.2%. The yellow metal is 3.3% 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:

"Twelve market professionals took part in the Wall Street survey. Eight, or 67%, called for gold to rise. There was one vote, or 8%, saying gold would fall, and three, or 25%, calling for a sideways market.

Meanwhile, 966 votes were cast in an online Main Street poll. A total of 570 voters, or 60%, looked for gold to rise in the next week. Another 232, or 24%, said lower, while 164, or 17%, were neutral."

Elsewhere, silver for March declined 12.6 cents, or 0.7%, to settle at $17.692 an ounce. Silver futures traded 1.8% lower this week after slipping 0.6% last week. They are 1.3% lower on the year.

In PGM futures on Friday and for the week:

  • April platinum added $1.80, or 0.2%, to $969.20 an ounce, for a 0.8% weekly increase.

  • Palladium for March delivery dropped $27, or 1.2%, to $2,210.20 an ounce, for a loss on the week of 0.7%. On Wednesday, the metal registered a record close at $2,335.60 an ounce.

The two metals are split on the year so far with platinum 0.9% lower and palladium 15.8% higher.

London Precious Metals Prices

London precious metals prices were mixed on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:

  • Gold rose $9.35, or 0.6%, to $1,572.65 an ounce.
  • Silver added a half cent, or 0.03%, to $17.77 an ounce.
  • Platinum declined $6, or 0.6%, to $971 an ounce.
  • Palladium fell $118, or 4.9%, to $2,298 an ounce.

In LBMA weekly results, prices declined 0.7% for gold and 0.6% for silver while they advanced 1.3% for platinum and 0.1% for palladium.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged this week according to available figures from the Mint’s website. On Tuesday, the Mint upwardly adjusted bullion sales for January as well as reported for the first time sales of 2020-dated American Platinum Eagles.

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)
This Week / February November December 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 8,000 2,000 38,000
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 0 23,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 18,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 60,000
$50 American Buffalo 1 Oz Gold Coin 0 5,000 1,500 21,000
$1 American Eagle 1 Oz Silver Coin 0 463,000 0 3,846,000
$1 American Eagle 1 Oz Platinum Coin 0 463,000 0 14,500


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