Gold and Silver Log Third Consecutive Weekly Losses

Gold prices fell 1.5% this week

Gold gained on Friday while other precious metals declined. Only platinum booked a weekly gain, however. Silver ended the day at its lowest price in 14 weeks.

on friday, gold for June delivery rose $7.10, or 0.4%, to settle at $1,882.80 in ounces on the Comex division of the New York Mercantile Exchange.

“Gold is struggling to gain traction in this environment of rising interest rates and now looks set for a sustained period below $1,900 an ounce,” Rupert Rowling, market analyst at Kinesis Money, in a note to clients according to MarketWatch. “While the bullish support of the ongoing war in Ukraine will limit how far gold declines, this is currently outweighed by the bearish driver of central banks tightening their monetary policy-making non-yield bearing assets such as gold less attractive,” he said.

Gold traded 1.5% lower this week following losses of 1.2% last week and 2.1% in the week ending April 22. The yellow metal is 3% higher on the year to date.

Looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

“This week 17 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, six analysts, or 53%, called for gold prices to rise next week. At the same time, four analysts, or 35%, were bearish on gold in the near term, and two analysts, or 12%, were neutral on prices.

Meanwhile, 1,049 votes were cast in online Main Street polls. Of these, 637 respondents, or 61%, looked for gold to rise next week. Another 245, or 23%, said lower, while 162 voters, or 16%, were neutral in the near term.”

elsewhere, silver for July delivery shed 7.6 cents, or 0.3%, to end at $22,367 in ounces. The settlement was silver’s lowest since it finished Jan. 28 at $22,301 an ounce.

The metal dropped 3.1% this week after losses of 4.8% last week and 5.6% in the week ending April 22. Silver prices are 4.2% lower on the year.

In PGM futures on Friday and for the week:

  • July platinum fell $17.40, or 1.8%, to end at $956 in ouncesbut still logged an opposite 1.8% weekly gain.

  • palladium for June delivery plunged $154.20, or 7.1%, to end at $2,023.20 in ouncesfor a 12.3% weekly loss.

The pair is divided on the year to date with platinum 1.1% lower and palladium 5.8% higher.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were higher this week compared to a week earlier. In week-over-week comparisons:

  • American Gold Eagles rose 37,500 ounces against 19,500 ounces
  • American Gold Buffalos climbed 16,500 ounces compared to 10,000 ounces
  • American Silver Eagles rose 425,000 ounces against 17,000 ounces

Below is a sales breakdown of US Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Friday / Week / May last week March April 2022 Sales
$50 American Eagle 1oz Gold Coin 36,000 19,500 140,500 80,500 466,500
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 5,000 3,000 54,000
$10 American Eagle 1/4 Oz Gold Coin 4,000 0 20,000 14,000 106,000
$5 American Eagle 1/10 oz Gold Coin 0 0 75,000 25,000 320,000
$50 American Buffalo 1oz Gold Coin 16,500 10,000 64,500 27,500* 198,500
$1 American Eagle 1oz Silver Coin 425,000 17,000 1,080,500 850,000 8,856,500
$100 American Eagle 1oz Platinum Coin 0 0 14,200 0 40,000
$25 American Eagle 1oz Palladium Coin 0 0 0 0 0

*The US Mint adjusted April bullion sales for American Buffalo gold coins, increasing them by 500 ounces.

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