Gold, silver and other metals fall on the week

Gold prices fell 1.9% this week

Precious metals fell on Friday, cementing their weekly declines despite a few days of gains. The daily losses were the first of three for gold, silver and platinum and the first of four for palladium.

gold August delivery will take $9.30 or 0.5% to settle $1,840.60 per ounce on the Comex division of the New York Mercantile Exchange.

“It’s been a roller coaster week for me [gold] Thanks to a volatile dollar and fluctuating Treasury yields,” Lukman Otunuga, manager, market analysis at FXTM, told MarketWatch. Gold posted a weekly decline “as investors assess the impact of rising interest rates on global growth.”

Gold prices fell 1.9% this week after rising 1.4% last week. On Tuesday, the yellow metal marked its weakest close since May 12 at $1,813.50 an ounce. Gold is up 0.7% year-to-date.

Looking ahead to next week, Kitco News offers the following predictions via their Wall Street & Main Street polls:

“This week, 15 Wall Street analysts participated in the Kitco News gold survey. Among the participants, five analysts or 33% were bullish on gold in the near term. At the same time, three analysts or 20% were bearish on gold and seven analysts or 47% were neutral on gold next week.

Meanwhile, 1,145 votes were cast in online polls on Main Street. Of these, 646 respondents, or 56%, expected gold to rise next week. Another 280, or 24%, said lower, while 219 voters, or 19%, were short-term neutral.”

Elsewhere, Silver- for July delivery down 29.8 cents or 1.4% to end $21.587 per ounce. Silver is down 1.6% this week after rising 0.1% last week. On Tuesday, the precious metal ended at $20.954 an ounce, its lowest price since May 12. Silver is 7.6% lower year-to-date.

In PGM prices on Friday and for the week:

  • July platinum fell $20.90 or 2.2% to close $930.20 per ounce, for a weekly decline of 4.2%. On Tuesday, platinum closed at $910.70 an ounce, its lowest price since April 27.

  • palladium for September delivery, it plummeted to $67.80, or 3.6% $1,798.70 per ounce, for a weekly decline of 5.7%. On Monday, palladium hit its lowest level since December 20 at $1,778.40 an ounce.

Both are lower year to date with losses of 3.7% for platinum and 5.9% for palladium.

US Mint Bullion Sales in 2022

The US Mint’s published bullion sales were unchanged this week. Last week’s gains were capped at 2,500 ounces in American Gold Buffalos.

Below is a breakdown of US Mint bullion product sales with columns detailing the number of coins sold over different time periods.

US Mint Bullion Sales (number of coins)
Friday / This week Last week April Can June Sale 2022
$50 American Eagle 1 ounce gold coin 0 0 80,500 137,500 0 568,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 3,000 5,000 0 58,000
$10 American Eagle 1/4 oz gold coin 0 0 14,000 8,000 0 110,000
$5 American Eagle 1/10 oz gold coin 0 0 25,000 50,000 0 370,000
American Buffalo $50 1 ounce gold coin 0 2,500 27,500 56,000 2,500 240,500
$1 American Eagle 1 ounce silver coin 0 0 850,000 850,000 0 9,281,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 40,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0

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