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Gold climbs higher on the week as US inflation approaches 40-year high

Gold is up 90 cents this week

Gold and silver rose on Friday while platinum and palladium fell. The gain of gold that day, aided by a certain attraction of a safe haven, was just enough to make him a weekly profit.

Recovery from 1 week low on Thursday, gold February delivery rose $ 8.10, or 0.5%, to level off at $ 1,784.80 per ounce at the Comex division of the New York Mercantile Exchange.

The “much higher than expected CPI release not only raises concerns about inflation, but also heightened concerns that the Fed may be lagging behind in its fight against inflation,” MarketWatch quoted Jeff Klearman, portfolio manager at GraniteShares, which owns the GraniteShares Gold Trust offers. “An overly aggressive Fed fighting inflation can also be detrimental to economic growth, causing stocks (and other assets) prices to fall and helping the price of gold.”

The Labor Department reported Friday that consumer prices rose 0.8% in November from 0.9% in October, while inflation rose 6.8% year-over-year – the sharpest increase since June 1982.

Gold is up 90 cents, or 0.05%, this week after falling three times a week. They are 5.8% lower than in the previous year.

Looking ahead to next week, Kitco News offers the following predictions about their Wall Street and Main Street polls:

“The 13 participating analysts on the Wall Street side were largely split between higher gold prices and sideways price movements, with 46% in each camp for the next week. The remaining 8% said prices could go down.

The Main Street side was more decidedly more optimistic. Of the 1,039 participating private investors, 53.6% were optimistic, 23.9% bearish and 22.5% neutral for the next week, according to the Kitco survey. “

Elsewhere, Silver- for March delivery, 18.2 cents, or 0.8%, was added to settle at $ 22,195 per ounce. Silver futures traded 1.3% lower this week – their fourth straight weekly loss. On Thursday they closed at the lowest price since September 29th. The silver price is down 16% year over year.

In PGM futures on Friday and for the week:

  • January platinum down $ 3.50, or 0.4%, and ended at $ 934.20 per ounce, but posted a 0.9% weekly gain.

  • palladium for March shipping decreased $ 63.40, 3.5%, and ended at $ 1,749.80 per ounce, fell 3.5% in the week.

With a decline of 13.4% for platinum and 28.7% for palladium, both are below the year-to-date level.

US Mint Bullion on sale in 2021

United States Mint published bullion sales this week rose by a combined 25,000 ounces for American Gold Eagles and 7,000 ounces for American Gold Buffalos.

Below is a breakdown of US Mint gold coin product sales, with columns listing the number of coins sold during different time periods.

US Mint Bullion Sales (Number of Coins)
Friday In this week October November December 2021 sale
$ 50 American Eagle 1 Oz Gold Coin 0 24,500 135,500 125,500 26,500 1,101,000
$ 25 American Eagle 1/2 Oz Gold Coin 0 0 7,000 6,000 0 94,000
$ 10 American Eagle 1/4 Oz Gold Coin 0 2,000 22,000 10,000 2,000 162,000
$ 5 American Eagle 1/10 Oz Gold Coin 0 0 85,000 40,000 0 490,000
$ 50 American Buffalo 1 Oz Gold Coin 0 7,000 41,000 39,500 8,000 348,000
1 US dollar American Eagle 1 ounce silver coin 0 0 1,076,000 1,523,500 0 28,275,000
$ 100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 75,000
$ 25 American Eagle 1 Oz Palladium Coin 0 0 0 8,700 0 8,700
Tuskegee Airmen 5 oz silver coin 0 0 0 0 0 52,900

Article Source : https://www.coinnews.net/2021/12/10/gold-edges-higher-on-week-as-us-inflation-nears-40-year-high/

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