Precious metals declined Friday, making losses on the week higher for gold, silver and platinum while trimming palladium’s weekly increase. Gold’s and silver’s weekly declines were their third straight.
Gold for April delivery on Friday dipped $2.20, or 0.1%, to close at $1,698.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold finished at $1,683 an ounce on June 5.
"Markets have become increasingly jittery over the prospects of economic growth leading to higher inflation and resulting in the Federal Reserve raising interest rates," Lukman Otunuga, senior research analyst at FXTM, told MarketWatch. "Given gold’s zero-yielding nature, this development does not bode well for the blowout U.S. jobs report for February likely to rub salt into the wound."
Gold futures traded 1.8% lower this week following losses of 2.7% last week and 2.5% in the week ended Feb. 19. They are 10.4% lower 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, a total of 13 market professionals took part in Kitco News’ Wall Street survey. Four analysts, or 29%, said they were bullish on gold next week. Eight analysts, or 57%, said they were bearish. Two analysts, or 14%, said they were neutral on the precious metal.
On the retail side, 1,482 respondents took part in online polls. A total of 595 voters, or 40%, called for gold to rise. Another 657, or 44%, predicted gold would fall. While the remaining 230 voters, or 16%, called for a sideways market."
Elsewhere, silver for May delivery lost 17.4 cents, or 0.7% to settle at $25.287 an ounce. The close was silver’s lowest since it ended at $24.866 an ounce on Jan. 15.
Silver futures tumbled 4.4% this week after falling of 3% last week and 0.3% during the week ending Feb. 19. Before then, the metal had scored five straight weekly gains that had lifted prices by a combined 10.9%. Silver prices are down 4.3% on the year.
In PGM futures on Friday and for the week:
April platinum declined $7, or 0.6%, to finish at $1,128.30 an ounce, for a 4.8% weekly loss.
- Palladium for June delivery ended down $13.70, or 0.6%, to $2,329.10 an ounce, but still registered an increase on the week of 0.7%.
The two are split on the year so far with platinum 4.6% higher and palladium 5.1% lower.
London Precious Metals Prices (LBMA)
London precious metals prices moved lower on Friday and for the week. In comparing their levels from Thursday PM to Friday PM:
- Gold fell $15.85, or 0.9%, to $1,696.25 an ounce.
- Silver declined 60 cents, or 2.3%, at $25.355 an ounce.
- Platinum dropped $39, or 3.4%, to $1,123 an ounce.
- Palladium fell $14, or 0.6%, to $2,348 an ounce.
In LBMA weekly results, prices declined 2.7% for gold, 5%, for silver, 6.7% for platinum and 0.6% for palladium.
US Mint Bullion Sales in 2021
United States Mint bullion products performed stronger than a week ago. In week-over-week comparisons:
Sales of American Gold Eagles moved up 11,500 ounces after they increased 7,000 ounces last week.
Sales of American Silver Eagles added 761,000 ounces after rising 390,500 ounces last week.
Sales of American Buffalo gold coins rose 11,000 ounces after registering flat last week.
Sales of American Platinum Eagles debuted at 30,500 ounces.
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 / March||January Sales||February Sales||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,500||6,500||191,000||121,000||318,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||9,000||0||22,000||9,000||31,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||20,000||36,000||0||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||95,000||0||95,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||11,000||61,500||16,000||88,500|
|$1 American Eagle 1 Oz Silver Coin||0||390,500||761,000||4,775,000||3,191,500||8,727,500|
|$100 American Eagle 1 Oz Platinum Coin||0||N/A||30,500||N/A||N/A||30,500|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||0|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||0|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||0|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||0||0|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||0||0||0|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0|