Precious metals fell on Friday, marking losses ranging from 1.1% for platinum to 5.4% for palladium. Drops in gold, silver and palladium were their first in four sessions. Gold not only fell from a more than 13.5-month high, but it also registered a weekly loss — its first in four weeks.
On Friday, gold for April delivery gave back $38.70, or 2%, to settle at $1,887.60 an ounce on the Comex division of the New York Mercantile Exchange.
“We think the price drop is premature, there is a risk of further escalation in the conflict and it could be just a temporary correction,” Reuters quoted Commerzbank analyst Daniel Briesemann.
Gold prices lost 0.6% this week and after scoring a settlement on Thursday that was the highest since Jan. 5, 2021. The yellow metal is 3.2% higher on the year to date.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:
“This week 15 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, six, or 40%, called for gold prices to rise. At the same time, seven analysts, or 47%, called for lower gold prices next week. Two analysts, or 13%, were neutral on gold in the near term.
Meanwhile, 1,001 votes were cast in online Main Street polls. Of these, 710 respondents, or 71%, looked for gold to rise next week. Another 187, or 19%, said lower, while 104 voters, or 10%, were neutral in the near term.”
Elsewhere, silver for May delivery — the new, most-active contract — tumbled 69.3 cents, or 2.8%, to close at $24.017 an ounce. Despite the loss, silver prices edged 0.1% higher on the week, for a fourth consecutive weekly increase. Immediate prior weekly gains were 2.7%; 4%; and 0.8%. On Thursday, silver ended at its best price since Jan. 20. The precious metal is 2.9% higher on the year.
In PGM futures on Friday and for the week:
- April platinum declined $12 to end at $1,050.10 an ounce, for a 2.5% weekly loss.
- Palladium for June delivery sank $136.20 to end at $2,365.70 an ounce, but advanced 1.2% on the week.
The pair of metals is higher on the year so far with gains of 8.7% for platinum and 23.7% for palladium.
US Mint Bullion Sales in 2022
Weekly sales of United States Mint bullion products quickened for both gold and silver coins. The U.S. Mint this week also started selling 2022-dated American Platinum Eagles. In week-over-week comparisons:
- American Gold Eagles rose 37,000 ounces against 11,000 ounces last week,
- American Gold Buffalos added 10,000 ounces compared to 6,500 ounces last week,
- American Silver Eagles rose 519,500 ounces against 480,000 ounces last week, and
- American Platinum Eagles advanced 25,800 ounces.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Friday | Last Week | This Week | January | February | 2022 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 10,500 | 35,500 | 123,500 | 67,000 | 190,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 45,000 | 0 | 45,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 2,000 | 64,000 | 4,000 | 68,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 10,000 | 195,000 | 25,000 | 220,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 6,500 | 10,000 | 61,500 | 22,000 | 83,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 480,500 | 519,500 | 5,001,000 | 1,500,000 | 6,501,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | N/A | 25,800 | N/A | 25,800 | 25,800 |
| $25 American Eagle 1 Oz Palladium Coin | 0 | 0 | 0 | 0 | 0 | 0 |
| Tuskegee Airmen 5 oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 0 |