Most precious metals declined on Friday, including gold and silver although the pair still gained on the week — just barely for silver and handily for gold.
Gold for August delivery shed $2.50, or 0.1%, to settle at $1,737.30 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold is well supported by monetary policy, but likely needs further catalysts to break higher in the very near term," wrote UBS strategist Joni Teves, in a research report dated Thursday.
"We think market participants are likely to remain cautious about adding or building positions at this stage," the UBS analyst wrote, according to MarketWatch.
Gold prices traded 3.2% higher this week after falling 3.9% last week and ending at their lowest settlement since April 3. They are 14.1% 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:
"Of the 14 Wall Street professionals who took part in this week’s survey, none predicted gold would fall next week. Ten, or 71%, called for higher prices, while four respondents, or 29%, were either neutral or said they expect a sideways market.
A total of 1,285 votes were cast in an online Main Street poll. Of these, 792 respondents, or 62%, looked for gold to rise in the next week. Another 308, or 24%, said lower, while 185, or 14%, were neutral."
Losing most of the week’s gain, silver for July delivery dropped 40.7 cents, or 2.3%, to close at $17.482 an ounce. Silver futures climbed less than a half cent this week after sinking 5.5% last week. Before then, the precious metal scored four weekly gains that had lifted prices by a combined $3.56 or 23.8%. Silver is 2.5% lower on the year.
In PGM futures on Friday and for the week:
July platinum lost $5, or 0.6%, to finish at $819 an ounce, for a 1.4% weekly loss.
- Palladium for September delivery tacked on $28.40, or 1.5%, to settle at $1,938.50 an ounce, but declined 0.7% on the week.
The two remain divided on the year so far with platinum 16.2% lower and palladium 1.5% higher.
London Precious Metals Prices (LBMA)
London precious metals prices divided on Friday and mostly gained on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold fell $4.75, or 0.3%, to $1,733.50 an ounce.
- Silver declined 25 cents, or 1.4%, to $17.625 an ounce.
- Platinum rose $2, or 0.2%, to $822 an ounce.
- Palladium added $20, or 1%, to $1,935 an ounce.
In LBMA weekly results, prices for platinum slipped 0.1% while they rose 3% for gold, 0.3% for silver, and 0.5% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion products split this week from last with sales higher for gold coins and down for silver coins. In weekly comparisons:
Sales of American Gold Eagles increased by 26,000 ounces this week after rising by 2,500 ounces last week.
Sales of American Silver Eagles were flat this week after rising by 450,000 ounces last week.
Sales of American Buffalo gold coins increased by 3,500 ounces this week after climbing by 500 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||April||May||June||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||2,000||2,500||25,500||105,000||5,500||28,000||313,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||0||6,000||1,000||40,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||0||12,000||0||52,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||3,500||28,500||2,500||4,000||122,500|
|$1 American Eagle 1 Oz Silver Coin||0||450,000||0||750,000||490,000||450,000||11,668,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||0||1,500||0||0||56,500|
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.