Gold Prices Log 2.2% Weekly Gain

999.9 Fine Gold Bar
Gold prices rose 2.2% this week

Precious metals prices declined Friday, paring gold’s increase on the week while cementing weekly losses for silver, platinum and palladium.

Gold for June delivery declined $9.80, or 0.6%, to settle at $1,735.60 an ounce on the Comex division of the New York Mercantile Exchange.

Prices saw “a normal trading pullback after encountering technical resistance near $1,740,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. “Volumes have dropped off as well, suggesting this is just normal backing and filling with bulls taking a day off after two days [of gains] or running up on higher volumes, he told MarketWatch.

Gold futures traded 2.2% higher this week after falling 3.1% last week. On Thursday, they marked their best settlement since April 14 while on Wednesday they ended at $1,687.80 an ounce for their lowest close since April 8. Gold prices are 14% 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 out of 15 Wall Street voters, or 80%, said they are bullish for the week ahead. One voter, or 7%, called for lower prices, while two, or 13%, were neutral.

Meanwhile, 1,031 votes were cast in an online Main Street poll. A total of 729 voters, or 71%, looked for gold to rise in the next week. Another 192, or 19%, said lower, while 110, or 11%, were neutral."

Elsewhere, silver for May delivery shed 9.4 cents, or 0.6%, to close at $15.263 an ounce. Silver futures edged lower this week by 0.2% after they fell 4.7% last week. On Wednesday, they settled at $14.876 an ounce for their worst finish since April 3. Silver prices are 15.8% lower on the year.

In PGM futures on Friday and for the week:

  • July platinum declined $14.20, or 1.8%, to end at $773.80 an ounce, for a 1.5% weekly loss.

  • Palladium for June delivery fell $15.70, or 0.8%, to close at $1,985.30 an ounce, for a drop of 6.8% on the week.

The two are divided on the year so far with platinum off 20.9% and palladium up 4%.

London Precious Metals Prices (LBMA)

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

  • Gold declined $20.35, or 1.2%, to $1,715.90 an ounce.
  • Silver edged up a cent, or 0.07%, to $15.315 an ounce.
  • Platinum lost $2, or 0.3%, to $765 an ounce.
  • Palladium gained $15, or 0.8%, to $2,005 an ounce.

In LBMA weekly results, gold rose 1.4%, silver gained 1%; platinum fell 2.2% and palladium declined 6.9%.

US Mint Bullion Sales in 2020

In United States Mint bullion sales, orders picked up for a second week in a row for gold coins and silver sales were muted for a second straight week. (In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.) In week-over-week bullion coin comparisons:

  • Sales of American Platinum Eagles were flat after rising by 1,500 coins last week.

  • Sales of American Gold Eagles surged by 36,000 ounces after rising by 11,000 ounces last week.

  • Sales of American Silver Eagles were flat for a second week in a row.

  • Sales of American Buffalo gold coins jumped by 12,000 ounces after climbing by 4,000 ounces last week.

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 Last Week This Week January February March April 2020 Sales
$50 American Eagle 1 Oz Gold Coin 16,000 11,000 36,000 38,000 3,500 133,000 92,500 267,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 23,000 2,000 8,000 0 33,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 18,000 2,000 20,000 0 40,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 60,000 20,000 95,000 0 175,000
$50 American Buffalo 1 Oz Gold Coin 6,500 4,000 12,000 21,000 1,000 65,500 16,000 103,500
$1 American Eagle 1 Oz Silver Coin 0 0 0 3,846,000 650,000 5,482,500 350,000 10,328,500
$1 American Eagle 1 Oz Platinum Coin 0 1,500 0 14,500 9,300 31,200 1,500 56,500


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