Precious Metals Prices

Precious metal prices increased 0.8% month on month in July, following June’s 3.0% rise.

Precious metal prices rose for the seventh month running in July, but at the weakest pace during this streak, signaling that the uptrend’s coming to its end. Upward pressures across all metals stemmed from higher uncertainty ahead of Trump’s 1 August deadline for deals to avoid “reciprocal” tariffs, fueling investors’ appetite for safe-haven assets. Looking at individual metals, average gold prices were the only ones among precious metals to decline compared to last month, driven mainly by the Israel-Iran ceasefire and U.S. trade deals with some major trading partners late in the month. Meanwhile, prices for palladium, platinum and silver benefited from still-elevated price ratios against gold. For palladium, supply concerns added further impetus to its price rally.