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Gold Ends Week at Five Week High

Gold prices climbed 1.4% this week

Gold and silver increased on Friday, lifting their weekly gains, while platinum and palladium declined, padding their weekly losses. Gold also ended the day at a five-week high.

on friday, gold for August delivery tackled on $22.70, or 1.2%, to settle at $1,875.50 in ounces on the Comex division of the New York Mercantile Exchange. The settlement was the highest since May 6.

Gold prices advanced 1.4% this week after dipping 0.4% last week. They are 2.6% 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 15 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, there was a tie between bullish and neutral analysts, with each side garnering six votes, or 40%. At the same time, three analysts, or 20 %, were bearish on gold in the near term.

Meanwhile, 598 votes were cast in online Main Street polls. Of these, 274 respondents, or 46%, looked for gold to rise next week. Another 167, or 28%, said lower, while 157 voters, or 26%, were neutral in the near term.”

elsewhere, silver for July delivery rose 11.4 cents, or 0.5%, to close at $21,931 in ounces. Silver prices inched up 0.1% this week after shedding 0.9% last week. They are 6.1% lower on the year.

In PGM prices on Friday and for the week:

  • July platinum lost $4.90, or 0.5%, to end at $971 in ouncesfor a 4.5% weekly loss.

  • palladium for September delivery fell $8.60, or 0.5%, to end at $1,907 in ouncesfor a 4% weekly loss

The pair is split on the year so far with platinum 0.5% higher and palladium 0.3% lower.

US Mint Bullion Sales in 2022

Published US Mint bullion sales were unchanged last week. This week, and for the first gains in June, the Mint reported an increase of 2,500 ounces in American Gold Buffalos.

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)
Week/June last week March April may 2022 Sales
$50 American Eagle 1oz Gold Coin 0 0 140,500 80,500 137,500 568,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 5,000 3,000 5,000 58,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 14,000 8,000 110,000
$5 American Eagle 1/10 oz Gold Coin 0 0 75,000 25,000 50,000 370,000
$50 American Buffalo 1oz Gold Coin 2,500 0 64,500 27,500 56,000* 240,500
$1 American Eagle 1oz Silver Coin 0 0 1,080,500 850,000 850,000 9,281,500
$100 American Eagle 1oz Platinum Coin 0 0 14,200 0 0 40,000
$25 American Eagle 1oz Palladium Coin 0 0 0 0 0 0

*The US Mint adjusted May bullion May sales with American Buffalos up 4,000 to 56,000 ounces.

Article Source : https://www.coinnews.net/2022/06/11/gold-ends-week-at-five-week-high-2/

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