Precious metals declined on Friday, trimming weekly gains for gold and silver while deepening weekly losses for platinum and palladium.

On Friday, gold for April delivery lost $15.40, or 0.8%, to settle at $1,985 an ounce on the Comex division of the New York Mercantile Exchange.

Gold prices increased 0.9% this week after soaring 4.2% last week. On Tuesday, gold at $2,043.30 an ounce logged its highest settlement since Aug. 6, 2020. The yellow metal is 8.6% 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 18 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, eight analysts, or 44%, called for gold prices to rise next week. At the same time, three analysts, or 17%, were bearish on gold in the near term, and seven analysts or 39% were neutral on prices.

Meanwhile, 1,013 votes were cast in online Main Street polls. Of these, 634 respondents, or 63%, looked for gold to rise next week. Another 223, or 22%, said lower, while 156 voters, or 15%, were neutral in the near term.”

Elsewhere, silver for May delivery gave back 9.6 cents, or 0.4% to settle at $26.16 an ounce. On Tuesday, silver at $26.895 marked its best finish since June 16.

Silver prices advanced 1.4% this week, for their sixth consecutive weekly win. Immediate prior weekly gains were 7.4%; 0.1%; 2.7%; 4%; and 0.8%. They are 12% higher on the year.

In PGM futures on Friday and for the week:

  • April platinum dipped $6.60, or 0.6%, to end at $1,088.60 an ounce, for a 2.5% weekly decline.
  • Palladium for June delivery sank $123.70, or 4.2%, to end at $2,796.80 an ounce, for a 6.2% weekly loss. Last Friday, palladium posted a record settlement of $2,981.90.

Both are higher for the year so far with gains of 12.7% for platinum and 46.3% for palladium.

US Mint Bullion Sales in 2022

Weekly sales of United States Mint bullion products picked up for gold, silver and platinum coins. In week-over-week comparisons:

  • American Gold Eagles rose 68,500 ounces against 27,500 ounces last week,
  • American Gold Buffalos gained 22,000 ounces compared to 11,500 ounces last week,
  • American Silver Eagles climbed 600,000 ounces following no gains last week, and
  • American Platinum Eagles added 6,500 ounces compared to 4,700 ounces last week.

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)
FridayLast WeekThis WeekJanuaryFebruaryMarch2022 Sales
$50 American Eagle 1 Oz Gold Coin027,50060,500123,50086,00069,000278,500
$25 American Eagle 1/2 Oz Gold Coin001,00045,00001,00046,000
$10 American Eagle 1/4 Oz Gold Coin0012,00064,0004,00012,00080,000
$5 American Eagle 1/10 Oz Gold Coin0045,000195,00025,00045,000265,000
$50 American Buffalo 1 Oz Gold Coin011,50022,00061,50028,50027,000117,000
$1 American Eagle 1 Oz Silver Coin00600,0005,001,0001,500,000600,0007,101,000
$100 American Eagle 1 Oz Platinum Coin04,7006,500N/A25,80011,20037,000
$25 American Eagle 1 Oz Palladium Coin0000000
Tuskegee Airmen 5 oz Silver Coin0000000

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