Most precious metals declined on Friday, taking away some from their weekly gains. Gold was among the metals to decline, slipping from an 8.5-month high, but it still booked a more than 3% weekly increase.
On Friday, gold for April delivery shed $2.20, or 0.1%, to settle at $1,899.80 an ounce on the Comex division of the New York Mercantile Exchange.
"The latest development around the Russia-Ukraine situation was positive and that saw a slight pullback in gold," Reuters quoted RJO Futures senior market strategist Bob Haberkorn.
Gold prices shot 3.1% higher this week, for a third straight weekly gain. The yellow metal made advances of 1.9% last week and 1.2% in the week ending Feb. 4. On Thursday, gold scored its best settlement since June 2. It is 3.9% 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:
"This week 18 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, 13, or 72%, called for gold prices to rise. At the same time, three analysts, or 22%, called for lower gold prices next week. One analyst, or 5%, was neutral on gold in the near term.
Meanwhile, 864 votes were cast in online Main Street polls. Of these, 564 respondents, or 65%, looked for gold to rise next week. Another 196, or 23%, said lower, while 104 voters, or 12%, were neutral in the near term."
Elsewhere, silver for March delivery rose 11.7 cents, or 0.5%, to close at $23.992 an ounce. The settlement was the highest since Jan. 21 when silver finished at $24.32 an ounce. Silver prices gained nearly 2.7% this week after jumping 4% last week and rising 0.8% in the week ending Feb. 4. They are just above 2.7% on the year.
In PGM futures on Friday and for the week:
April platinum fell $15.90, or 1.5%, to end at $1,076.80 an ounce, but registered a 5.7% weekly gain.
- Palladium for March delivery dropped $21.20, or 0.9%, to end at $2,337.90 an ounce, but soared 6.6% on the week.
The pair of metals is higher on the year so far with increases of 11.5% for platinum and 22.3% for palladium.
US Mint Bullion Sales in 2022
Weekly sales of United States Mint bullion products slowed for silver coins and weakened overall, for gold coins. In week-over-week comparisons:
- American Gold Eagles rose 11,000 ounces against 22,500 ounces last week,
- American Gold Buffalos added 6,500 ounces compared to 5,500 ounces last week, and
- American Silver Eagles rose 480,000 ounces following two straight weekly gains of 500,000 ounces.
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||December||January||February||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||21,000||10,500||41,000||123,500||31,500||155,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||1,000||45,000||0||45,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||2,000||64,000||2,000||66,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||10,000||5,000||0||195,000||15,000||210,000|
|$50 American Buffalo 1 Oz Gold Coin||0||5,500||6,500||10,500||61,500||12,000||73,500|
|$1 American Eagle 1 Oz Silver Coin||0||500,000||480,500||0||5,001,000||980,500||5,981,000|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||0||0|
|$25 American Eagle 1 Oz Palladium Coin||0||0||0||0||0||0||0|
|Tuskegee Airmen 5 oz Silver Coin||0||0||0||0||0||0||0|