Hello and welcome to our market week preview, where we take a look at the economic data, market news, and headlines likely to have the biggest impact on pricing and market momentum for gold, silver and platinum, as well as key correlated assets.

Gold Market Update

Gold prices have moved significantly higher over the last week, trading around $4375 on Monday—a premium of roughly $80/oz above pricing at the same point last week. After mostly languishing just above the $4000 level for multiple weeks, the yellow metal appears to have grabbed onto a pair of needed catalysts to break out of a narrow trading band. One is a more persistent version of a similar refrain: the current detente between the US and Iran has now held for long enough (read: over at least one weekend) to allow markets to believe again that a real peace agreement is within reach. This narrative allowed for a strong rally in gold spot prices early last week to $4300. The second has been more of a shock (although not entirely unexpected to those reading the macroeconomic tea leaves) as a brutally disappointing NFP number for July (coming it as a loss of jobs and a–100 K delta vs. the projected number) immediately tamped down on estimates for a rate hike from the FOMC at the end of the summer. As a result of the jobs numbers released Friday for July, market bets on the next Fed meeting bringing a rate hike fell from nearly 60% to 44% at the same time as the gold price breached above $4300/oz. The next potential push-or-pivot for this rally comes on Tuesday with the release of updated CPI data.

Silver Market Update 

Silver has rallied over the last week as well but has accelerated beyond gold’s climb, as evidenced by a collapsing gold-silver ratio. The white metal’s rise has been so sharp and continuous—showing better-sustained momentum on Monday morning, even—as to imply some recent short positions have been stopped out as spot prices rise above $65/oz. Even if the US Dollar regains some strength this week, depending on the CPI number or as a result of less volatile headlines in a quiet summer week, silver has an opportunity to hold a majority of these gains given the expected shortfall of physical vs. Industrial demand in 2026.

Platinum Market Update 

Not wanting to be left out, platinum is also considerably higher-priced than a week ago. Up more than $100/oz ($1640 vs. $1755, Monday to Monday), a difference here is that the majority of platinum’s gains came in a single go last Tuesday morning. Even lacking the sustained climb put on by gold and silver last week, it’s a positive sign for the grey metal that prices have generally held and consolidated over the last four sessions rather than easing back to lower ground. As with silver, a structural deficit is expected to keep a floor under platinum prices in 2026. The recent rally provides an opportunity to set that floor at a higher elevation.