Gold recovers from multi-year low but falls for a week

Gold prices fell 2.6% this week

Gold rallied on Friday after ending at a nearly two and a half year low on Thursday. However, the yellow metal still posted a significant weekly loss.

gold for December, delivery rose $6.20, or 0.4%, to put up with it $1,683.50 per ounce on the Comex division of the New York Mercantile Exchange.

“Gold prices have fallen sharply, hitting a nearly 2.5-year low in the US as of Thursday afternoon. Silver prices are also solidly lower. Precious metals are being hit by global economic concerns that threaten to hurt commercial and consumer demand for commodities, including the metals,” said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily research note.

Gold prices fell 2.6% this week after rising 0.4% last week. On Thursday, they closed at their lowest level since April 3, 2020. The yellow metal is down 7.9% year-to-date.

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

“This week, a total of 22 market experts took part in the Kitco News Wall Street poll. Fourteen analysts or 63% said they are bearish for gold next week. At the same time, four analysts, or 18%, were bullish or short-term neutral on gold.

On the retail side, 1,045 respondents took part in online surveys. A total of 395 voters or 38% called for the price of gold to rise. Another 489 or 47% predicted gold would fall. The remaining 161 voters, or 15%, called for a sideways market.”

In the meantime, Silver- for December, delivery climbed 11.2 cents, or 0.6%, to put up with it $19.381 per ounce. Silver prices are up 3.3% this week after rising 5% last week. They are 17% lower than last year.

In PGM futures for Friday and for the week:

  • October platinum fell $2.70 or 0.3% to end $901 an ouncebut posted a weekly gain of 2.8%.

  • palladium December delivery fell $33.40 or 1.6% to end at $2,112.70 per ouncefor a weekly loss of 3%.

Both metals have remained divided year to date, with platinum up 6.8% and palladium up 10.5%.

US Mint Bullion Sales in 2022

The United States Mint’s published bullion sales were flat this week. 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 Can June July August September Sale 2022
$50 American Eagle 1 ounce gold coin 0 164,500 31,000 59,500 47,500 20,000 753,000
$25 American Eagle 1/2 Oz Gold Coin 0 7,000 6,000 5,000 2,000 0 73,000
$10 American Eagle 1/4 oz gold coin 0 8,000 18,000 2,000 4,000 4,000 138,000
$5 American Eagle 1/10 oz gold coin 0 50,000 135,000 20,000 20,000 5,000 550,000
American Buffalo $50 1 ounce gold coin 0 56,000 21,500 39,500 22,500 11,500 333,000
$1 American Eagle 1 ounce silver coin 0 1,350,000 925,000 850,000 850,000 425,000 12,831,500
$100 American Eagle 1 Oz Platinum Coin 0 0 23,500 15,500 1,000 0 80,000

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