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 continue a moderate rally after climbing late last week to deliver the first notable weekly gain since May. The rebound has been driven primarily by a surprisingly weak NFP number for June, which was released on Thursday morning last week alongside a downward revision of the previous month’s count. The positive reaction in the gold market, which has coincided with (and been amplified by) a slide in the US Dollar Index and in Treasury yields, was welcome news for traders and money managers betting on the yellow metal after trading earlier in the week saw spot prices break below a psychological support line at $4000/oz. Although gold prices are still down more than –5% over the last two weeks, a relatively quiet data calendar on offer for the week ahead now looks like a potential opportunity for consolidation back above the $4100 mark.

Also providing some tailwind for gold’s late-week pivot is a shift in commentary from the Fed’s new Chairman Kevin Warsh, who at a recent ECB event noted an easing of inflation risks “in recent weeks.” Market bets on the potential for a rate hike from the Fed coming as soon as September have been cut considerably and currently lie below 50%; a clear positive signal for gold in the near- to medium-term compared to projections since the June FOMC meeting. Fed officials are leaning into the slow summer just as most of the financial markets globally, so scheduled comments from key FOMC participants are sparse in July, but we will be tracking which central bankers lean into this more dovish sentiment. The release of the June FOMC meeting minutes, due this Wednesday afternoon, poses a potential downside risk to gold’s recent shift if discussion notes indicate that several committee members are setting a high bar for rolling back their projections for rate hikes in 2026.

Silver Market Update

Silver has enjoyed a similar rebound recently, up at least +5% after sliding below $59/oz (the lowest mark in several months). Silver is trading above $61 again. The gold-silver spread has also re-compressed to 67.0 as of the start of this week, implying the two metals are starting to trade more in tandem again. Silver, in particular, has shown considerable sensitivity to the US Dollar over the last week. Investors appear more interested in silver as a potential inflation or instability hedge, as the Greenback has softened, but not so much as to make it an attractively priced buy at this moment.

Platinum Market Update

The immediate path ahead for platinum is murkier. The grey metal has rebounded of recent lows, just as gold and silver have, to trade at $1630/oz at the start of this week. But analysis suggests this case is being dictated more by a technical rebound after platinum was marked as oversold last week, rather than in a more fundamentals-based repricing like the other precious metals. This may indicate lower volatility to headlines in the days and weeks ahead, but also limited upside.

US Macro Data to Watch

Wednesday, July 8 at 2pm ET // FOMC Discussion Minutes

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.