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February 27, 2024
PI Global Investments
Precious Metals

Gold and Silver Prices Rally, Rebounding for Weekly Gains


Gold rallied on Friday, rebounding from losses in each of the prior four days to score a modest weekly win
Gold rallied on Friday, rebounding from losses in each of the prior four days to score a modest weekly win

Gold and silver prices soared on Friday, driving prices for both slightly higher for the week, as U.S. and U.K. airstrikes in Yemen heightened the metals’ safe-haven appeal. Platinum also closed up on the day, albeit modestly. These gains marked the first for all three precious metals this week.

Finishing ahead for the first time in six sessions, gold for February delivery tacked on $32.40, or 1.6%, to settle at $2,051.60 an ounce on the Comex division of the New York Mercantile Exchange.

Gold prices edged 0.09% higher this week after slipping by 1.1% last week. Year-to-date, the yellow metal is down by 1%. On Thursday, gold closed at its lowest price since Dec. 13.

Looking to the week ahead, Kitco News offers the following forecasts via their Wall Street vs. Main Street surveys:

“This week, ten Wall Street analysts participated in the Kitco News Gold Survey, and they were even more bullish than they were last week. Seven experts, or 70%, expected to see higher gold prices next week, while only one analyst, representing 10%, predicted a drop in price. The remaining two experts, or 20% of the total, were neutral on gold for the coming week.

Meanwhile, 121 votes were cast in Kitco’s online polls, with market participants continuing their recent trend of caution about gold’s potential performance. 59 retail investors, representing 49%, looked for gold to rise next week. Another 39, or 32%, expected it would be lower, while 23 respondents, or 19%, were neutral on the near-term prospects for the precious metal.”

Elsewhere, silver for March delivery jumped by 62.4 cents, or 2.8%, finishing at $23.329 an ounce. Silver prices inched up by 0.06% this week, showing a slight recovery after experiencing losses in the previous two weeks, with a 3.2% drop last week and a 2% decline in the week ending Dec. 29. They are down by 3.1% for the year. On Thursday, silver marked its lowest settlement since Nov. 13.

In other precious metals, both on Friday and for the week:

  • April platinum climbed by $1.50, or 0.2%, to end at $921.10 an ounce, resulting in a 5.2% weekly drop.

  • Palladium for March delivery declined for the thirteenth time in fourteen sessions, falling by $4.50, or 0.5%, to $978.50 an ounce, increasing its weekly loss to 5.7%. On Wednesday, palladium scored its first daily gain since Dec. 21, rising by 1.9%

When evaluating their performance in the initial two weeks of the year, platinum has exhibited an 8.7% decline, while palladium has experienced an 11.8% loss.

US Mint Bullion Sales in 2024

On Wednesday, Thursday, and Friday, the U.S. Mint did not publish any changes in bullion sales. On Tuesday, the bureau reported bullion sales gains, including 16,500 ounces in American Gold Eagles, 850,000 ounces in American Silver Eagles, and 9,000 ounces in American Gold Buffalos.

The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.

US Mint Bullion Sales (# of coins)
Friday Last Week This Week November December 2023 Sales January
$50 American Eagle 1 Oz Gold Coin 0 39,500 12,500 40,000 15,000 924,000 52,000
$25 American Eagle 1/2 Oz Gold Coin 0 17,000 4,000 6,000 1,000 102,000 21,000
$10 American Eagle 1/4 Oz Gold Coin 0 30,000 6,000 16,000 0 198,000 36,000
$5 American Eagle 1/10 Oz Gold Coin 0 40,000 5,000 55,000 15,000 675,000 45,000
$50 American Buffalo 1 Oz Gold Coin 0 23,000 9,000 14,000 5,500 387,000 32,000
$1 American Eagle 1 Oz Silver Coin 0 3,179,000 850,000 2,378,000 525,000 24,750,000 4,029,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 12,700 0

 



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