Precious metals prices advanced Friday, padding weekly gains for gold and silver and trimming weekly losses for platinum and palladium. Gold finished the day less than $2 away from a more than seven-year high.
Gold for August delivery rose $9.70, or 0.6%, to settle at $1,780.30 an ounce on the Comex division of the New York Mercantile Exchange.
"It was another week, but the same old story for gold," MarketWatch quoted Lukman Otunuga, senior research analyst at FXTM. "The precious metal was offered support in the form of renewed jitters about Covid-19."
Gold prices climbed 1.6% this week following gains of 0.9% last week and 3.2% for the week ending June 12. On Tuesday, they ended at $1,782 an ounce for their best close since Oct. 4, 2012. The yellow metal is 16.9% 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 18 Wall Street professionals who took part in this week’s poll, 12, or 67%, called for gold prices to rise. Four, or 22%, predicted lower prices. Another two voters, or 11%, said sideways or unchanged.
A total of 1,163 votes were cast in an online Main Street poll. Of these, 790 respondents, or 68%, looked for gold to rise in the next week. Another 188, or 16%, said lower, while 185 voters, also 16% when rounding off, were neutral."
Elsewhere, silver for July delivery tacked on 14 cents, or 0.8%, to close at $18.035 an ounce. Silver futures rose 1.1% this week after increases of 2.1% last week and less than a half cent for the week ending June 12. They are 0.6% higher on the year.
In PGM futures on Friday and for the week:
July platinum settled up $7.20, or 0.9%, to $809.90 an ounce, but registered a 2.1% weekly loss.
- Palladium for September delivery jumped $49.30, or 2.7% to finish at $1,894.40 an ounce, but fell 0.7% on the week.
The two are lower on the year so far with losses of 17.2% for platinum and 0.8% for palladium.
London Precious Metals Prices (LBMA)
London precious metals prices mostly gained on Friday and were divided on the week. In comparing their levels from Thursday PM to Friday PM:
- Gold declined $8.95, or 0.5%, to $1,747.60 an ounce.
- Silver added 30 cents, or 1.7%, to $17.83 an ounce.
- Platinum rose $2, or 0.3%, to $799 an ounce.
- Palladium added $11, or 0.6%, to $1,847 an ounce.
In LBMA weekly results, gold rose 0.7%, silver gained 1.7%, platinum fell 2.6% and palladium lost 2.2%.
US Mint Bullion Sales in 2020
United States Mint bullion sales slowed from a week ago. In week-over-week comparisons:
Sales of American Gold Eagles increased by 2,000 ounces this week after rising by 11,500 ounces last week.
Sales of American Silver Eagles were flat this week after moving ahead by 457,000 ounces last week.
Sales of American Buffalo gold coins were also flat this week after they climbed 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||0||10,500||2,000||105,000||5,500||40,500||325,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||0||0||6,000||2,000||41,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||0||12,000||2,000||54,000|
|$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||0||28,500||2,500||4,500||123,000|
|$1 American Eagle 1 Oz Silver Coin||0||457,000||0||750,000||490,000||907,000||12,125,500|
|$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.