Most precious metals declined on Friday, and they all posted weekly losses — led by palladium. Gold slipped the least on the week and was poised for a weekly gain until the day’s drop.
On Friday, gold for June delivery fell $30.30, or 1.6%, to settle at $1,923.70 an ounce on the Comex division of the New York Mercantile Exchange — its lowest finish since Tuesday.
Gold prices lost 1.6% this week after rising 1.3% last week. On Thursday, the yellow metal marked increases of 2.8% for March and 6.9% for the first quarter. Gold is 5.2% 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, five analysts, or 28%, called for gold prices to rise next week. At the same time, ten analysts, or 56%, were bearish on gold in the near term, and three analysts, or 17%, were neutral on prices.
Meanwhile, 604 votes were cast in an online Main Street poll. Of these, 336 respondents, or 56%, looked for gold to rise next week. Another 170, or 28%, said lower, while 98 voters, or 16%, were neutral in the near term."
Elsewhere, silver for May delivery dropped 47.9 cents, or 1.9%, to close at $24.654 an ounce. The settlement was the lowest since March 16.
Silver tumbled 3.8% this week after climbing 2.1% last week. On Thursday, silver prices scored gains of 3.2% for March and 7.6% for the first quarter. They are 5.6% higher on the year.
In PGM futures on Friday and for the week:
July platinum shed $7.20, or 0.7%, to end at $988.60 an ounce, for a 2% weekly loss.
- Palladium for June delivery added $11.90, or 0.5%, to end at $2,267.50 an ounce, but sank 5.3% on the week.
Both are higher on the year so far with pick ups of 2.3% for platinum and 18.6% for palladium.
US Mint Bullion Sales in 2022
Weekly sales of United States Mint bullion products slowed for gold coins and stalled for silver and platinum coins. In week-over-week comparisons:
- American Gold Eagles rose 20,500 ounces against 58,000 ounces
- American Gold Buffalos climbed 11,000 ounces compared to 26,500 ounces
- American Silver Eagles were flat against 480,500 ounces
- American Platinum Eagles were flat compared to 3,000 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||January||February||March||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||52,500||19,000||123,500||86,000||140,500||350,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||3,000||1,000||45,000||0||5,000||50,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||6,000||2,000||64,000||4,000||20,000||88,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||25,000||5,000||195,000||25,000||75,000||295,000|
|$50 American Buffalo 1 Oz Gold Coin||0||26,500||11,000||61,500||28,500||64,500||154,500|
|$1 American Eagle 1 Oz Silver Coin||0||480,500||0||5,001,000||1,500,000||1,080,500||7,581,500|
|$100 American Eagle 1 Oz Platinum Coin||0||3,000||0||N/A||25,800||14,200||40,000|
|$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|