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

August 2026 has been a strong month for gold prices, and the previous week of trading was another good example of this, with spot prices rising above $4660/oz this morning before moderating to $4640. This tracks a +5% gain over the last five trading sessions and gold’s highest levels since midday. The primary catalyst of last week’s rally was, of course, the unexpected announcement from the head of the US Treasury that the Treasury Department itself, not the Federal Reserve, will be doubling its buyback of long-dated UST paper. It was unexpected, as it is a costly, roundabout way to attempt to force yields and borrowing costs lower in the current environment, in which the Federal Reserve is not rushing to cut rates itself. While the sustainability of the initial downward pressure this put on yields is questionable, the US Dollar has remained weaker since the announcement, and gold prices immediately leapt at the news and have been making a steady climb higher since.

Meanwhile, Fed watchers are turning toward the annual Jackson Hole Symposium, which begins at the end of this week with an address from Fed Chair Kevin Warsh. With the current assessment being that the FOMC has stepped back from any urgency to raise rates, or indeed complete comfort with such an action, analysts and traders will be hoping for some clue as to the Fed’s policy path through the end of 2026, which is still liable to have the most direct impact on gold prices through the rest of this year. With a sparse economic calendar this week otherwise, these developing narratives are expected to be at the forefront.

Silver and Platinum Market Update

Silver and platinum prices continue to climb quickly as well, and by some measurements, silver’s gains are outstripping gold’s climb. The gold-silver ratio has widened as far as 70.0 in some sessions, indicating a higher beta for silver speculation. This is likely connected directly to the expected, consecutive global supply deficit for the white metal in 2026, making the market for physical delivery especially less liquid than for gold, which amplifies acute movements like we’ve seen over the last two weeks. Silver spot prices are trading as high as $68/oz at the start of this week.

Platinum, bidding above $1860/oz on Monday, is up more than +10% in August thanks in part to concerns about refiner capacity earlier this summer in South Africa, which is responsible for well over half of global production of the grey metal. Platinum also has an expected supply deficit this year, which we expect to provide a level of continued pricing support.

US Economic Data to Watch

Wednesday, August 26 at 830am ET // PCE Price Index (Jul)

[(core PCE) consensus est.: +0.2% MoM // prev.: +0.1%]

And that’s how the precious metals basket is performing to begin the week. As always, we wish you all the best of luck in your markets in the coming days, and we’ll look forward to seeing you all back here next week for another metals market preview.