Precious metals gained on Friday but only platinum logged a weekly increase as it notched a more than 6.3-year settlement high. Silver’s weekly loss was its first in six weeks.
Gold for April delivery on Friday rose $2.40, or 0.1%, to finish at $1,777.40 an ounce on the Comex division of the New York Mercantile Exchange.
"The drop in the U.S. dollar has likely driven gold higher," Reuters quoted Bart Melek, head of commodity strategies at TD Securities, adding the move could also be technical in nature.
"(However), the problem (for gold) continues to be the yields, and we continue to see rates across the curve move higher," Melek added.
Gold futures traded 2.5% lower this week after rising 0.6% last week. On Wednesday, at $1,772.80 an ounce they registered their lowest close since June. 25. The yellow metal is down 6.2% 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 18 market professionals took part in the Wall Street survey. Thirteen analysts, or 71%, said they were bearish on gold next week; meanwhile, three analysts, or 17%, said they were bullish. Two analysts, or 11%, were neutral on the precious metal.
On the retail side, 1,292 respondents took part in an online Main Street poll. A total of 553 voters, or 43%, called for gold to rise. Another 512, or 40%, predicted gold would fall. The remaining 223 voters, or 17%, saw a sideways market."
Elsewhere, silver for March delivery added 17.6 cents, or 0.7%, to settle at $27.254 an ounce. Silver prices dipped 0.3% this week following five straight weekly increases that had raised prices by a combined $2.69, or 10.9%. Silver is 3.2% higher on the year.
In PGM futures on Friday and for the week:
April platinum tacked on $18.40, or 1.4%, to $1,293.10 an ounce, for their highest settlement since ending at $1,300.50 an ounce on Sept. 30, 2014. The precious metal scored a 2.7% weekly gain.
- Palladium for March delivery advanced $20.40, or 0.9%, to $2,369.20 an ounce, but fell 0.6% on the week.
The two are split on the year so far with platinum 19.8% higher and palladium 3.5% lower.
London Precious Metals Prices (LBMA)
London precious metals prices ended dived on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold rose $13.05, or 0.7%, to $1,786.20 an ounce.
- Silver fell 21.5 cents, or 0.8%, to $26.95 an ounce.
- Platinum gained $28, or 2.2%, to $1,294 an ounce.
- Palladium declined $7, or 0.3%, to $2,363 an ounce.
In LBMA weekly results, prices declined 1.7% for gold, they slipped 0.4%, they surged 6% for platinum and they edged 0.3% higher for palladium.
US Mint Bullion Sales in 2021
United States Mint bullion sales slowed for American Gold Eagles while they picked up for American Silver Eagles and American Buffalo gold coins. In week-over-week comparisons:
Sales of American Gold Eagles moved up 17,000 ounces after they increased 37,000 ounces last week.
Sales of American Silver Eagles added 680,000 ounces after rising 500,000 ounces last week.
Sales of American Buffalo gold coins rose 4,500 ounces after they gained 2,500 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. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Friday||Last Week||This Week||December||January Sales||February||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||37,000||17,000||48,500||191,000||118,500||309,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||2,000||22,000||0||22,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||0||36,000||0||36,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||95,000||0||95,000|
|$50 American Buffalo 1 Oz Gold Coin||0||2,500||4,500||10,500||61,500||16,000||77,500|
|$1 American Eagle 1 Oz Silver Coin||0||500,000||680,000||751,000||4,775,000||2,801,000||7,576,000|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||0||0|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||0||0|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||0||0|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||0||0||0|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||0||0||0||0|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0||0|