Precious Metals Prices

Precious metal prices decreased 4.7% month on month in July, following June’s 8.6% fall.

Average prices across the precious metals complex declined for a fifth consecutive month in July, although losses moderated from June. Silver once again recorded the steepest decline, while palladium posted the smallest loss. Expectations of higher-for-longer U.S. rates drove the broad sell-off, with soft auto demand adding pressure on platinum and palladium. Still, tight mine supply and persistent supply deficits limited losses across the precious metals complex. Despite the ongoing pullback, all four precious metal prices remain notably above 2025 average levels.