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Gold ends week with 2 month high

Gold achieved its best finish since early September

Precious metals rose for the second straight year on Friday, building their weekly gains. Gold ended the day on a two-month high.

gold for December delivery stapled to close at $ 23.30, or 1.3% $ 1,816.80 per ounce at the Comex division of the New York Mercantile Exchange. Settlement was the highest since September 3rd.

“The gold bulls appear to be drawing strength from the Fed’s leisurely stance on the rate hike,” Reuters quoted FXTM analyst Lukman Otunuga as saying that subdued government bond yields are adding to profits.

Gold futures rose 1.8% this week after falling 0.7% last week. They are 4.1% 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:

“This week, 18 Wall Street analysts took part in Kitco News’ gold poll. Among the participants, ten analysts, or 56%, called for the price of gold to rise next week. At the same time, two analysts, or 11%, were pessimistic short-term gold, and six analysts or 33% were price-neutral.

A total of 622 votes have now been cast in online polls on Main Street. Of these, 326 respondents, or 52%, expected the price of gold to rise in the next week. Another 188, or 30%, said lower, while 108 voters, or 17%, were neutral. “

Elsewhere, Silver- for December delivery billed 24.6 cents or 1% up $ 24,157 per ounce. Silver futures traded 0.9% higher this week after falling 2.1% last week. They are 8.5% below the previous year.

In PGM futures on Friday and for the week:

  • January platinum $ 6.50 or 0.6% added to end at $ 1,035.80 per ounce, for a weekly profit of 1.5%.

  • palladium for December delivery, added $ 31.20 or 1.6% to end at $ 2,027.60 per ounce, for a weekly advance of 2.4%.

Both remain lower than in the previous year, with losses of 4% for platinum and 17.4% for palladium.

US Mint Bullion on sale in 2021

United States Mint bullion sales slowed this week in gold coins compared to last week, but increased in silver and platinum coins. Weekly comparison:

  • American Gold Eagles sales rose 20,000 ounces after rising 25,000 ounces last week.

  • American Buffalo gold coin sales remained unchanged after rising 2,000 ounces last week.

  • American Silver Eagles sales rose 474,500 ounces after being flat last week.

  • American Platinum Eagles sales rose 7,900 ounces, having been flat since May.

The following is a breakdown of US Mint Bar Product sales, with columns listing the number of coins sold during different time periods.

US Mint Bullion Sales (number of coins)
Friday Last week September October This week / November 2021 sale
$ 50 American Eagle 1 ounce gold coin 0 17,500 67,500 135,500 * 17,500 966,500
$ 25 American Eagle 1/2 Oz Gold Coin 0 4,000 4,000 7,000 2,000 90,000
$ 10 American Eagle 1/4 Oz Gold Coin 0 10,000 8,000 22,000 2,000 152,000
$ 5 American Eagle 1/10 Oz Gold Coin 0 30,000 35,000 85,000 10,000 460,000
$ 50 American Buffalo 1 Oz Gold Coin 0 2,000 24,000 38,500 0 298,000
$ 1 American Eagle 1 ounce silver coin 0 0 2,735,000 1,076,000 474,500 27.226.500
$ 100 American Eagle 1 Oz Platinum Coin 0 0 0 0 7,900 82,900
Tuskegee Airmen 5 oz silver coin 0 0 0 0 0 52,900

* The US Mint adjusted October gold bullion sales on Thursday, $ 50 American Gold Eagles up 3,500 ounces.

Article Source : https://www.coinnews.net/2021/11/05/gold-ends-week-at-2-month-high/

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