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Gold Slides 1.6% on Week; Silver Logs 3.8% Weekly Loss

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/

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