Gold bounced Friday after ending at a near two-and-a-half year low on Thursday. The yellow metal, however, still notched a significant weekly loss.
Gold for December delivery rose $6.20, or 0.4%, to settle at $1,683.50 an ounce on the Comex division of the New York Mercantile Exchange.
Gold prices fell 2.6% this week after edging 0.4% higher last week. On Thursday, they closed at their lowest point since April 3, 2020. The yellow metal is 7.9% 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 22 market professionals took part in Kitco News’ Wall Street survey. Fourteen analysts, or 63%, said they were bearish on gold next week. At the same time four analysts apiece, or 18%, were bullish or neutral on gold in the near term.
On the retail side, 1,045 respondents took part in online polls. A total of 395 voters, or 38%, called for gold to rise. Another 489, or 47%, predicted gold would fall. The remaining 161 voters, or 15%, called for a sideways market."
Meanwhile, silver for December delivery climbed 11.2 cents, or 0.6%, to settle at $19.381 an ounce. Silver prices jumped 3.3% this week after soaring 5% last week. They are 17% lower on the year.
In PGM futures on Friday and for the week:
October platinum dipped $2.70, or 0.3%, to end at $901 an ounce, but posted a 2.8% weekly gain.
- Palladium for December delivery fell $33.40, or 1.6%, to end at $2,112.70 an ounce, for a 3% weekly loss.
Both metals remained divided on the year so far with platinum down 6.8% and palladium up 10.5%.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged this week. 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 / This Week||May||June||July||August||September||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||164,500||31,000||59,500||47,500||20,000||753,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||7,000||6,000||5,000||2,000||0||73,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||8,000||18,000||2,000||4,000||4,000||138,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||50,000||135,000||20,000||20,000||5,000||550,000|
|$50 American Buffalo 1 Oz Gold Coin||0||56,000||21,500||39,500||22,500||11,500||333,000|
|$1 American Eagle 1 Oz Silver Coin||0||1,350,000||925,000||850,000||850,000||425,000||12,831,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||23,500||15,500||1,000||0||80,000|