Gold Ends Week Near 7-Month High

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Gold prices posted a 2.4% weekly gain
Gold prices posted a 2.4% weekly gain

Precious metals rallied on Friday, padding or resulting in gains on the week for gold, platinum and palladium. Gold ended the week at a nearly seven-month high.

Gold for February delivery advanced $29.10, or 1.6%, to settle at $1,869.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s highest since ending at 1,875.50 an ounce on June 10. Gold prices surged 2.4% for the week.

"Technically, the gold futures bulls have the solid overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at $1,900.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Elsewhere, silver for March delivery tacked on 55.8 cents, or 2.4%, to finish at $23.982 an ounce. Silver prices, however, traded 0.2% lower for the week.

In PGM prices on Friday and for the week:

  • April platinum surged $34.70, or 3.2%, to end at $1,104.30 an ounce, for a 2% weekly increase.

  • Palladium for March delivery soared $74, or 4.3%, to end at $1,806.70 an ounce, for a 0.5% increase.

US Mint Bullion Sales in 2023

Published United States Mint bullion sales last changed on Dec. 29. 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)
August September October November December 2022 Sales 2023 Sales
$50 American Eagle 1 Oz Gold Coin 47,500 47,500 59,500 6,000 4,000 850,000 0
$25 American Eagle 1/2 Oz Gold Coin 2,000 0 2,000 0 0 75,000 0
$10 American Eagle 1/4 Oz Gold Coin 4,000 4,000 2,000 0 0 140,000 0
$5 American Eagle 1/10 Oz Gold Coin 20,000 15,000 15,000 0 0 575,000 0
$50 American Buffalo 1 Oz Gold Coin 22,500 44,500 39,500 4,500 0 410,000 0
$1 American Eagle 1 Oz Silver Coin 850,000 833,000 1,258,000 1,407,000 59,000 15,963,500 0
$100 American Eagle 1 Oz Platinum Coin 1,000 0 0 0 0 80,000 0
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Kaiser Wilhelm

Gold advanced, silver tacked on, platinum surged and palladium soared. Until next time.