Gold, silver and platinum scored solid gains on Friday, driving gold to a weekly win and a one-month high while paring the others’ weekly losses. Palladium, meanwhile, edged lower on the day and near another, more than three-and-a-half year low.
On Friday, gold for April delivery advanced $32.60, or 1.8%, to settle at $1,867.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Feb. 10.
“I think the main focal point is yields and with yields dropping today, that is a boost for the gold market," Reuters quoted David Meger, director of metals trading at High Ridge Futures.
Gold prices increased 0.7% this week after surging 2.1% last week. Before then, the yellow metal had posted four straight weekly losses which had cut prices by a combined $112.30, or 5.8%. Gold prices are 2.3% 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, 21 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, 16 analysts, or 76%, were bullish on gold in the near term. At the same time, three analysts, or 14%, were bearish for next week and two analysts, or 10%, saw prices trading sideways.
Meanwhile, 571 votes were cast in online polls. Of these, 340 respondents, or 60%, looked for gold to rise next week. Another 146, or 26%, said it would be lower, while 85 voters, or 15%, were neutral in the near term."
Elsewhere, silver for May delivery rose 34.1 cents, or 1.7%, to close at $20.506 an ounce. Silver prices fell 3.5% on the week after rising 2.1% last week. Before then, the precious metal had notched six consecutive weekly losses which had reduced prices by a combined $3.56, or 14.6%. Silver prices are 14.7% lower on the year.
In PGM prices on Friday and for the week:
April platinum tacked on $12.90, or 1.4%, to end at $962.20 an ounce, trimming its weekly loss to 1.8%.
- Palladium for June delivery declined $12.40, or 0.9%, to end at $1,362.30 an ounce — 20 cents higher than Wednesday when it logged its lowest settlement since June 7, 2019. Palladium prices plunged 6% on the week.
The pair is lower on the year so far with losses of 11.2% for platinum and 24.2% for palladium.
US Mint Bullion Sales in 2023
United States Mint bullion sales this week slowed for gold coins and remained steady for silver coins. In week-over-week comparisons:
- American Gold Eagles: 12,500 ounces against 40,500 ounces,
- American Gold Buffalos: 4,500 ounces compared to 14,500 ounces, and
- American Silver Eagles: 450,000 ounces for a second week in a row.
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 / March||January Sales||February||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||32,500||10,500||118,000||41,500||170,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||7,000||1,000||37,000||8,000||46,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||10,000||2,000||62,000||12,000||76,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||20,000||10,000||115,000||85,000||210,000|
|$50 American Buffalo 1 Oz Gold Coin||0||14,500||4,500||59,000||19,500||83,000|
|$1 American Eagle 1 Oz Silver Coin||0||450,000||450,000||3,949,000||900,000||5,299,000|