Gold settled modestly lower on Friday as the U.S. dollar climbed, but the metal still managed to register a gain for a second straight week as its appeal to safety-buyer grew.
In New York bullion prices, gold futures for December finished at $1,216.60 an ounce for a daily loss of 10 cents. Gold rose $11.30 or 0.9% for the week.
"The wobbly outlook for the economy is bolstering investor demand for gold," Hwang Il Doo, a Seoul-based senior trader with KEB Futures Co. said on Bloomberg. "Good momentum is likely to continue into next week."
In other precious metals prices, silver for September delivery closed to $18.109 an ounce for a pick up on Friday of 4.4 cents. It fell 36.3 or 2.0% for the week. October platinum ended at $1,526.20 an ounce for a daily loss of $5.40. The white metal dived $44.60 or 2.8% on the week. Finally, palladium for September delivery finished at $477.25 an ounce, gaining $6.20 on Friday. Palladium lost $10.35 or 2.1% during the week.
In the London bullion Fix prices, gold was $1,214.25 an ounce, rising $6.50 or 0.5% since last Friday.
"The market showed a very muted reaction to CPI and retail sales numbers," VTB Capital analyst Andrey Kryuchenkov was quoted on Reuters. "The market is well supported, but at the moment momentum is slowing," he added. "For an immediate push, you will need some more negative macro news or statements… (to ignite) another flight to safety."
The London silver Fix was $18.060 an ounce for a weekly loss of 24 cents or 1.3%. In PGM metals, platinum was $44.00 or 2.8% lower than last Friday, ending at a fixed price of $1,527.00 an ounce, while palladium was $473.00 an ounce for a weekly loss of $18.00, or 3.7%
To follow are silver, gold, platinum and palladium performance charts, oil news, week-ending stocks, and precious metal article summaries.
Weekly U.S. Gold and Silver Coin News
The following links provides information on recent United States Mint gold and silver news:
500,000 America the Beautiful Bullion Coins for 2010
The United States Mint anticipates it will produce up to 500,000 America the Beautiful 5 oz silver bullion coins this year.
An exact date has not been provided for their release, although U.S. Mint spokesman Michael White said on August 11 that they expected to begin producing the 3-inch diameter, .999 fine silver coins in the fall…
US Mint Silver Eagles Top 22M, Quarters Cooled
U.S. Mint collector coins went through a bit of a summer sales dip following the week after the new Yosemite quarter was released.
The next big coin launch will occur on Thursday when the Mint issues the 2010 proof Platinum Eagle, but not much was on collectors’ radars between August 2 and August 8.
Bullion Silver Eagles, the 2010 Proof Set, and the 2010 Mint set put up solid unit gains, but there were few other products making huge movements…
Weekly US Mint Bullion Coin Sales
Demand for United States Mint bullion coins retreated for the week. Three of six U.S. Mint offerings increased, but even those advances were less than the prior week.
- American Buffalo Gold coins added 1,500 compared to 7,500
- One ounce American Gold Eagles advanced 8,000 versus 18,000
- American Silver Eagles moved up 445,500 compared to 497,000
The following table shows Mint published sales figures as of Friday, August 13, 2010:
August 2010 Bullion Coin Sales
|American Buffalo Gold||23,000||9,000||192,500|
|American Eagle Gold 1 oz||147,500||26,000||792,000|
|American Eagle Gold 1/2 oz||2,000||1,000||34,000|
|American Eagle Gold 1/4 oz||2,000||0||46,000|
|American Eagle Gold 1/10 oz||30,000||15,000||325,000|
|American Eagle Silver||2,981,000||942,500||22,092,000|
Figures above are in coins, not ounces of gold sold.