Gold kicked off the first trading day of the new month with a 1.6% loss, driving prices down on the week
Most precious metals declined on Friday, and they all posted weekly losses — led by palladium. Gold slipped the least on the week and was poised for a weekly gain until the day’s drop.
on friday, gold for June delivery fell $30.30, or 1.6%, to settle at $1,923.70 in ounces on the Comex division of the New York Mercantile Exchange — its lowest finish since Tuesday.
Gold prices lost 1.6% this week after rising 1.3% last week. On Thursday, the yellow metal marked increases of 2.8% for March and 6.9% for the first quarter. Gold is 5.2% 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, five analysts, or 28%, called for gold prices to rise next week. At the same time, ten analysts, or 56%, were bearish on gold in the near term, and three analysts, or 17%, were neutral on prices.
Meanwhile, 604 votes were cast in an online Main Street poll. Of these, 336 respondents, or 56%, looked for gold to rise next week. Another 170, or 28%, said lower, while 98 voters, or 16%, were neutral in the near term.”
elsewhere, silver for May delivery dropped 47.9 cents, or 1.9%, to close at $24,654 in ounces. The settlement was the lowest since March 16.
Silver tumbled 3.8% this week after climbing 2.1% last week. On Thursday, silver prices scored gains of 3.2% for March and 7.6% for the first quarter. They are 5.6% higher on the year.
In PGM futures on Friday and for the week:
-
July platinum shed $7.20, or 0.7%, to end at $988.60 in ouncesfor a 2% weekly loss.
- palladium for June delivery added $11.90, or 0.5%, to end at $2,267.50 in ouncesbut declined 5.3% on the week.
Both are higher on the year so far with pick ups of 2.3% for platinum and 18.6% for palladium.
US Mint Bullion Sales in 2022
Weekly sales of United States Mint bullion products slowed for gold coins and stalled for silver and platinum coins. In week-over-week comparisons:
- American Gold Eagles rose 20,500 ounces against 58,000 ounces
- American Gold Buffalos climbed 11,000 ounces compared to 26,500 ounces
- American Silver Eagles were flat against 480,500 ounces
- American Platinum Eagles were flat compared to 3,000 ounces
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 | 52,500 | 19,000 | 123,500 | 86,000 | 140,500 | 350,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 3,000 | 1,000 | 45,000 | 0 | 5,000 | 50,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 6,000 | 2,000 | 64,000 | 4,000 | 20,000 | 88,000 |
| $5 American Eagle 1/10 oz Gold Coin | 0 | 25,000 | 5,000 | 195,000 | 25,000 | 75,000 | 295,000 |
| $50 American Buffalo 1oz Gold Coin | 0 | 26,500 | 11,000 | 61,500 | 28,500 | 64,500 | 154,500 |
| $1 American Eagle 1oz Silver Coin | 0 | 480,500 | 0 | 5,001,000 | 1,500,000 | 1,080,500 | 7,581,500 |
| $100 American Eagle 1oz Platinum Coin | 0 | 3,000 | 0 | N / A | 25,800 | 14,200 | 40,000 |
| $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/2022/04/01/gold-slides-1-6-on-week-silver-logs-3-8-weekly-loss/
