Blog

Gold Falls 2.8% on Week; Silver Logs First Weekly Loss in 7 Weeks

Gold prices declined 2.8% this week

Prices for platinum and palladium rose Friday while those for silver and gold declined. All four dropped on the week. Silver’s weekly loss was its first in seven weeks. Gold, meanwhile, snapped a two-week winning streak.

on friday, gold for April delivery lost $13.90, or 0.7%, to settle at $1,929.30 in ounces on the Comex division of the New York Mercantile Exchange.

“We have seen the invasion-driven momentum and speculative fury (for gold) massively cool off over the past 10 days,” Reuters quoted David Jones, chief market strategist at Capital.com.

Gold prices declined 2.8% this week following gains of 0.9% last week and 4.2% in the week ending March 4. They are 5.5% 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 16 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, nine analysts, or 56%, called for gold prices to rise next week. At the same time, four analysts, or 25%, were bearish on gold in the near term, and three analysts, or 19%, were neutral on prices.

Meanwhile, 822 votes were cast in online Main Street polls. Of these, 560 respondents, or 68%, looked for gold to rise next week. Another 147, or 18%, said lower, while 115 voters, or 14%, were neutral in the near term.”

elsewhere, silver for May delivery settled down 52.9 cents, or 2.1%, to $25,087 in ounces. Silver prices tumbled 4.1% this week following six straight weekly gains that had lifted prices by a combined $3.86 or 17.3%. They are 7.4% higher on the year.

In PGM futures on Friday and for the week:

  • April platinum rose $4.60, or 0.5%, to end at $1,035.90 in ouncesbut registered a 4.8% weekly loss.

  • palladium for June delivery edged up $1, or 0.04%, to end at $2,493 in ouncesbut declined 10.9% on the week.

Both are higher for the year so far with gains of 7.2% for platinum and 30.4% for palladium.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged this week. Last week, the US posted bullion coin gains totaling:

  • 68,500 ounces in American Gold Eagles,
  • 22,000 ounces in American Gold Buffalos,
  • 600,000 ounces in American Silver Eagles climbed, and
  • 6,500 ounces in American Platinum Eagles.

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

Article Source : https://www.coinnews.net/2022/03/18/gold-falls-2-8-on-week-silver-logs-first-weekly-loss-in-7-weeks/

Leave a Reply

Your email address will not be published. Required fields are marked *