Gold, platinum and palladium declined on Friday, trimming their weekly gains, while silver scored a seven-week settlement high.
Ending lower for the first time in four sessions, gold for April delivery fell $12.10, or 0.6%, to finish at $1,983.80 an ounce on the Comex division of the New York Mercantile Exchange.
Gold prices climbed 0.5% on the week. Further, the yellow metal has advanced a combined $166.70, or 9.2%, through its four consecutive weekly gains. On Thursday, gold posted its highest settlement since March 10, 2022. It is 8.6% 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, 20 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, 13 analysts, or 65%, were bullish on gold in the near term. At the same time, five analysts, or 25%, were bearish for next week, and two analysts, or 10%, saw prices trading sideways.
Meanwhile, 896 votes were cast in online polls. Of these, 639 respondents, or 71%, looked for gold to rise next week. Another 152, or 17%, said it would be lower, while 105 voters, or 12%, were neutral in the near term."
Elsewhere, silver for May delivery tacked on 8.3 cents, or 0.4%, to settle at $23.339 an ounce. For a third straight session, the settlement was the highest since Feb. 2. Silver prices notched a 3.9% weekly increase after soaring 9.5% last week. However, they are 2.9% lower on the year.
In PGM prices on Friday and for the week:
April platinum shed $9, or 0.9%, to end at $983.90 an ounce, but edged 0.5% higher on the week.
- Palladium for June delivery lost $18.40, or 1.3%, to end at $1,414.40 an ounce, slimming its weekly gain to 2%.
The pair remain lower on the year so far with losses of 9.1% for platinum and 21.3% for palladium.
US Mint Bullion Sales in 2023
This week, U.S. Mint bullion sales soared, for platinum, gold and silver coins. In week-over-week comparisons:
- American Platinum Eagles: 7,500 ounces, for their first weekly total this year,
- American Gold Eagles: 107,500 ounces against 41,500 ounces,
- American Gold Buffalos: 38,500 ounces compared to 14,500 ounces, and
- American Silver Eagles: 450,000 ounces against 0 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 Sales||February||March||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||15,500||39,500||107,500||118,000||41,500||157,500||317,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||37,000||8,000||1,000||46,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||8,000||0||62,000||12,000||10,000||84,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||115,000||85,000||10,000||210,000|
|$50 American Buffalo 1 Oz Gold Coin||7,500||14,500||38,500||59,000||19,500||57,500||136,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||450,000||3,949,000||900,000||900,000||5,749,000|
|$100 American Eagle 1 Oz Platinum Coin||0||N/A||7,500||N/A||N/A||7,500||7,500|