Most precious metals climbed on Friday. Gold was among the day’s gainers but the yellow metal still posted a slight loss on the week.
Gold for December delivery edged up 60 cents, or 0.03%, to settle at $1,905.20 an ounce on the Comex division of the New York Mercantile Exchange.
"Over the past three weeks, the metal has found comfort within a $50 range thanks to a variety of themes ranging from a softer dollar, rising coronavirus cases across the globe, pre-election jitters and uncertainty over the U.S. stimulus package," Lukman Otunuga, senior research analyst at FXTM, told MarketWatch.
"The precious metal is likely to remain on standby until a fresh catalyst is brought into the picture," he said.
Gold prices inched 0.06% lower this week following a 1% loss last week. They ended Wednesday at $1,929.50 an ounce for their best settlement since Sept. 18. Gold is 25.1% 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:
"This week 17 analysts participated in the survey. A total of 7 voters each, or 41%, called for gold prices to rise or trade sideways next week; meanwhile three analysts, or 18%, called for lower prices.
Participation in Kitco News’ weekly online surveys remains relatively muted at a level not seen since the start of the year. A total of 1,305 votes were cast this past week. Among those, 800 voters, or 61%, said they were bullish on gold next week. Another 255, or 20%, said they were bearish, while 220 voters, or 20%, 19 were neutral."
Elsewhere, silver for December delivery declined 3.4 cents, or 0.1%, to settle at $24.675. Despite two straight days of losses, silver futures traded 1.1% higher this week. They fell 2.8% last week. On Wednesday, they ended at $25.241 an ounce for their highest close since Oct. 12. Silver is ahead on the year by 37.7%.
In PGM futures on Friday and for the week:
January platinum advanced $22.70, or 2.6%, to end at $906.70 an ounce, for a 4.3% weekly increase.
- Palladium for December delivery settled up $2.70, or 0.1%, to $2,398.60 an ounce, marking a gain on the week of 2.4%.
The two are divided on the year so far with platinum 7.3% lower and palladium 25.6% higher.
London Precious Metals Prices (LBMA)
London precious metals prices ended mostly higher on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $2.70, or 0.1%, to $1,903.65 an ounce.
- Silver declined 15.5 cents, or 0.6%, to $24.76 an ounce.
- Platinum surged $47, or 5.4%, to $917 an ounce.
- Palladium added $32, or 1.4%, to $2,394 an ounce.
In LBMA weekly results, prices dipped 0.07% for gold while they increased 1.6% for silver, 5.4% for platinum and 2.7% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion sales slowed this week from last week for both gold and silver coins. In week-over-week comparisons:
Sales of American Gold Eagles advanced 8,500 ounces after increasing by 11,000 ounces last week.
Sales of American Silver Eagles climbed 761,000 ounces after rising by 873,000 ounces last week.
Sales of American Buffalo gold increased 1,000 ounces after they rose by 5,000 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. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Friday||Last Week||This Week||August||September||October||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||10,000||7,000||104,000||18,500||46,500||604,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||2,000||10,000||3,000||5,000||63,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||20,000||4,000||4,000||92,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||5,000||70,000||10,000||10,000||300,000|
|$50 American Buffalo 1 Oz Gold Coin||0||5,000||1,000||28,000||4,500||14,500||203,000|
|$1 American Eagle 1 Oz Silver Coin||37,000||873,000||761,000||4,477,000||2,958,500||2,460,000||23,596,500|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||N/A||45,000||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0||56,500|