Gold Prices Edge Higher on Week


Gold prices logged a 0.5% weekly gain
Gold prices logged a 0.5% weekly gain

Platinum was the standout metal this week, soaring nearly 4%, while silver and palladium posted weekly losses. Gold prices, meanwhile, declined from a five-week high and returned to below $1,800 an ounce, trimming their weekly gain.

On Friday, gold for December delivery gave back $15.70, or 0.9%, to settle at $1,791.20 an ounce on the Comex division of the New York Mercantile Exchange.

«Gold had recently rallied on the thought that the Fed will shift from hawkish to dovish. But the jobs data shows the U.S. economy is strong, and this can prompt the Fed to be more aggressive, which is not a good story for gold,» Reuters quoted Bart Melek, head of commodity strategy at TD Securities.

The U.S. created 528,000 jobs in July, the Labor Department reported Friday, far ahead of what economists expected.

Gold prices edged 0.5% higher this week after soaring 3.2% last week. The weekly increase was a third in a row after five straight weekly losses. On Thursday, gold closed at its best price since June 30. The yellow metal is 2.1% 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, 16 Wall Street analysts participated in the Kitco News gold survey. Among the participants, four analysts, or 24%, were bullish on gold in the near term. At the same time, seven analysts, or 41%, were bearish on gold. Six analysts, or 35%, cast neutral votes this week.

Meanwhile, 579 votes were cast in online Main Street polls. Of these, 379 respondents, or 65%, looked for gold to rise next week. Another 124, or 21%, said lower, while 76 voters, or 13%, were neutral in the near term.»

Elsewhere, silver for September delivery shed 28 cents, or 1.4%, to finish at $19.842 an ounce. Silver prices fell 1.8% this week following gains of 8.5% last week and 0.1% in the week ending July 22. On Monday, silver at $20.362 an ounce scored its highest close since June 29. The precious metal is 15% lower on the year.

In PGM futures on Friday and for the week:

  • October platinum slipped 20 cents, or 0.02%, to end at $924.70 an ounce, but logged a 3.9% weekly gain.

  • Palladium for September delivery tacked on $51.20, or 2.5%, to end at $2,128.70 an ounce, but dipped 0.05% on the week. On Monday, palladium at $2,199.40 an ounce registered its highest finish since May 4.

The two remained divided on the year so far with platinum 4.3% lower and palladium 11.3% higher.

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 / Week / August May June July 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 164,500 31,000 59,500 685,500
$25 American Eagle 1/2 Oz Gold Coin 0 7,000 6,000 5,000 71,000
$10 American Eagle 1/4 Oz Gold Coin 0 8,000 18,000 2,000 130,000
$5 American Eagle 1/10 Oz Gold Coin 0 50,000 135,000 20,000 525,000
$50 American Buffalo 1 Oz Gold Coin 0 56,000 21,500 39,500 299,000
$1 American Eagle 1 Oz Silver Coin 0 1,350,000 925,000 850,000 11,556,500
$100 American Eagle 1 Oz Platinum Coin 0 0 23,500 15,500 79,000

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