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Gold and Silver Prices Log Weekly Gains

Gold and silver gained this week while platinum and palladium declined

Precious metals declined on Friday, trimming weekly gains for gold and silver while deepening weekly losses for platinum and palladium.

on friday, gold for April delivery lost $15.40, or 0.8%, to settle at $1,985 in ounces on the Comex division of the New York Mercantile Exchange.

Gold prices increased 0.9% this week after soaring 4.2% last week. On Tuesday, gold at $2,043.30 an ounce logged its highest settlement since Aug. 6, 2020. The yellow metal is 8.6% 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 18 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, eight analysts, or 44%, called for gold prices to rise next week. At the same time, three analysts, or 17%, were bearish on gold in the near term, and seven analysts or 39% were neutral on prices.

Meanwhile, 1,013 votes were cast in online Main Street polls. Of these, 634 respondents, or 63%, looked for gold to rise next week. Another 223, or 22%, said lower, while 156 voters, or 15%, were neutral in the near term.”

elsewhere, silver for May delivery gave back 9.6 cents, or 0.4% to settle at $26.16 in ounces. On Tuesday, silver at $26,895 marked its best finish since June 16.

Silver prices advanced 1.4% this week, for their sixth consecutive weekly win. Immediate prior weekly gains were 7.4%; 0.1%; 2.7%; 4%; and 0.8%. They are 12% higher on the year.

In PGM futures on Friday and for the week:

  • April platinum dipped $6.60, or 0.6%, to end at $1,088.60 in ouncesfor a 2.5% weekly decline.

  • palladium for June delivery dropped $123.70, or 4.2%, to end at $2,796.80 in ounces, for a 6.2% weekly loss. Last Friday, palladium posted a record settlement of $2,981.90.

Both are higher for the year so far with gains of 12.7% for platinum and 46.3% for palladium.

US Mint Bullion Sales in 2022

Weekly sales of United States Mint bullion products picked up for gold, silver and platinum coins. In week-over-week comparisons:

  • American Gold Eagles rose 68,500 ounces against 27,500 ounces last week,
  • American Gold Buffalos gained 22,000 ounces compared to 11,500 ounces last week,
  • American Silver Eagles climbed 600,000 ounces following no gains last week, and
  • American Platinum Eagles added 6,500 ounces compared to 4,700 ounces last week.

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 last week ThisWeek January February March 2022 Sales
$50 American Eagle 1oz Gold Coin 0 27,500 60,500 123,500 86,000 69,000 278,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 45,000 0 1,000 46,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 12,000 64,000 4,000 12,000 80,000
$5 American Eagle 1/10 oz Gold Coin 0 0 45,000 195,000 25,000 45,000 265,000
$50 American Buffalo 1oz Gold Coin 0 11,500 22,000 61,500 28,500 27,000 117,000
$1 American Eagle 1oz Silver Coin 0 0 600,000 5,001,000 1,500,000 600,000 7,101,000
$100 American Eagle 1oz Platinum Coin 0 4,700 6,500 N / A 25,800 11,200 37,000
$25 American Eagle 1oz Palladium Coin 0 0 0 0 0 0 0
Tuskegee Airmen 5oz Silver Coin 0 0 0 0 0 0 0

Article Source : https://www.coinnews.net/2022/03/11/gold-and-silver-prices-log-weekly-gains/

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