Precious metals divided Friday with gold and platinum rising and silver and palladium falling. All but palladium scored sharp weekly gains. Gold closed the day at an almost two-week high.
Gold for April delivery rose $4.40, or 0.3%, to settle at $1,672.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Feb. 24 when the yellow metal ended at $1,676.60 an ounce for its highest settlement since Feb. 6, 2013.
"Gold trading will remain volatile as the world enters crisis mode," Edward Moya, senior market analyst at Oanda, told MarketWatch. "While gold’s bullish case seems impenetrable, active traders need to be prepared for massive dips on bullish exhaustion."
Gold futures rallied 6.8% this week after dropping 5% last week. MarketWatch also noted that the weekly increase was the biggest for gold since 2011. Gold prices are 9.8% 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:
"Thirteen market professionals took part in the Wall Street survey. Twelve, or 92%, called for gold to rise. No respondent said lower, while one, or 8%, called for sideways prices.
Meanwhile, 1,919 votes were cast in an online Main Street poll, which is the most in two and one-half years. A total of 1,395 voters, or 73%, looked for gold to rise in the next week. Another 284, or 15%, said lower, while 240, or 13%, were neutral."
Ending lower for the first time in five sessions, silver for March delivery declined 13 cents, or 0.8%, to close at $17.263 an ounce. Silver futures soared 4.9% this week after plummeting 11.2% last week. They are 3.7% lower on the year.
In PGM futures on Friday and for the week:
April platinum surged $30.70, or 3.6%, to end at $896.40 an ounce, for a 3.7% weekly increase.
- Palladium for June delivery fell $30.20, or 1.2%, to finish at $2,439.20 an ounce, for a 2.1% weekly loss. As recently as a week ago Thursday, Feb. 27, the metal ended at a record of $2,711.70 an ounce.
The dual are divided on the year so far with platinum down 8.3% and palladium up 27.8%.
London Precious Metals Prices
London precious metals prices climbed on Friday and they mostly increased on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $24.05, or 1.5%, to $1,683.65 an ounce.
- Silver added 28 cents, or 1.6%, to $17.48 an ounce.
- Platinum gained $29, or 3.3%, to $895 an ounce.
- Palladium jumped $89, or 3.6%, to $2,571 an ounce.
In LBMA weekly results, palladium fell 5.4% with the others logged gains totaling 4.6% for gold, 1.7% for silver, and 2.8% for platinum.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased on Friday by 1,500 ounces in 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)|
|Friday||December||January||February||This Week / March||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||38,000||3,500||1,500||43,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||23,000||2,000||0||25,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||18,000||2,000||0||20,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||60,000||20,000||10,000||90,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,500||21,000||1,000||3,000||25,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||3,846,000||650,000||750,000||5,246,000|
|$1 American Eagle 1 Oz Platinum Coin||1,500||0||14,500||9,300||3,000||26,800|
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