Gold and silver advanced on Friday, padding their weekly gains. Both metals finished the day at nearly 9-month highs.
Logging its fifth increase in six sessions, gold for February delivery rose $22.90, or 1.2%, to settle at $1,921.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s best since it ended at $1,934.30 an ounce on April 22.
"That gold prices are rallying after an on-consensus CPI [Consumer Price Index] for which the market was well positioned for highlights that there’s another source of buying activity in gold markets," Reuters quoted Daniel Ghali, commodity strategist at TD Securities, attributing it to central banks and non-central bank government agencies.
Gold prices jumped 2.8% this week. The yellow metal has now booked four consecutive weekly increases and 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 the Kitco News Gold Survey. Among the participants, 11 analysts, or 61%, were bullish on gold in the near term. At the same time, three analysts, or 17%, were bearish for next week and four analysts, or 22%, saw prices trading sideways.
Meanwhile, 825 votes were cast in online polls. Of these, 524 respondents, or 64%, looked for gold to rise next week. Another 190, or 23%, said it would be lower, while 111 voters, or 13%, were neutral in the near term."
Ending higher for a second day after falling for three straight, silver for March delivery rose 36.8 cents, or 1.5%, to settle at $24.372 an ounce. The settlement was the highest since April 21 when silver finished at $24.621 an ounce. Silver prices increased 1.6% this week after slipping 0.2% last week. They are 1.4% higher on the year.
In PGM prices on Friday and for the week:
April platinum lost $11.80, or 1.1%, to end at $1,072.50 an ounce, for a 2.9% weekly decline.
- Palladium for March delivery dipped $3.60, or 0.2%, to end at $1,787.30 an ounce, for a drop on the week of 1.1%.
The pair is lower on the year so far with losses of 1% for platinum and 0.6% for palladium.
US Mint Bullion Sales in 2023
Published United States Mint bullion sales increased this week for the first time since the one ending Dec. 30. Advances included a combined:
- 131,500 ounces in American Gold Eagles,
- 44,000 ounces in American Gold Buffalos, and
- 3,449,000 ounces in American Silver Eagles.
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||September||October||November||December||2022 Sales||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||47,500||59,500||6,000||4,000||850,000||90,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||2,000||0||0||75,000||34,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||4,000||2,000||0||0||140,000||50,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||15,000||15,000||0||0||575,000||115,000|
|$50 American Buffalo 1 Oz Gold Coin||0||44,500||39,500||4,500||0||410,000||44,000|
|$1 American Eagle 1 Oz Silver Coin||0||833,000||1,258,000||1,407,000||59,000||15,963,500||3,499,000|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||80,000||0|