July 7, 2026

Market Overview 01-07-2026 to 07-07-2026

Precious Metals Market: A Promising Future?

Last week, the major precious metals markets experienced a period of price growth. This was driven both by the declining probability of further Federal Reserve interest rate hikes and by lower global oil prices. As investors await diplomatic progress in the Middle East crisis, economic signals from the United States are encouraging a more moderate assessment of future inflation expectations.

From July 1 to July 7, the global gold price increased by more than 2.4% and reached USD 4,130 per troy ounce.

The rise in gold prices has been partly supported by new economic signals from the United States. According to the latest data, the number of nonfarm payrolls in the U.S. increased by only 57 thousand in June (while some analysts had expected 113 thousand new jobs).

In addition, the employment statistics for the previous two months (May and April) were revised. Following the revisions, the number of newly created jobs during April and May was reduced by a total of 74 thousand.

Weaker-than-expected labour market data have reduced the probability of another Federal Reserve interest rate hike. At present, the probability of the Fed raising interest rates again in September this year has fallen to 47%.

This development is particularly favourable for precious metals. If the Federal Reserve keeps interest rates unchanged for a longer period, U.S. dollar-denominated precious metals (gold, silver, etc.) are likely to remain a relatively attractive investment alternative for holders of foreign currencies.

From July 1 to July 7, the global silver price increased by more than 3.1% and reached USD 60.98 per troy ounce.

The rise in silver prices has been driven not only by U.S. economic developments but also by the de-escalation of the geopolitical conflict in the Middle East.

Following the preliminary negotiating agreement reached between the United States and Iran, the world is increasingly awaiting a final peace agreement. As fragile diplomatic progress continues, shipping traffic through the Strait of Hormuz has also begun to recover.

Considering that approximately 20% of the world’s oil and liquefied natural gas is normally transported through the Strait of Hormuz, expectations are growing for a broader recovery in global oil trade. Crude oil prices have already returned to pre-crisis levels. Meanwhile, some member states of the OPEC+ oil-producing alliance, responding to the changing situation in the Middle East, plan to increase oil production to 188 thousand barrels per day starting in August.

The partial stabilisation of the oil sector is particularly favourable for silver. This metal is widely used both for investment purposes and in industrial manufacturing. Therefore, oil market stabilisation is generally regarded as a positive factor supporting silver demand and prices.

From July 1 to July 7, the global palladium price increased by approximately 5.5% and reached USD 1,283 per troy ounce.

From July 1 to July 7, the global platinum price increased by more than 4% and reached USD 1,647 per troy ounce.

From July 1 to July 7, the global copper market experienced only minimal price changes. On July 7, the global copper price stood at USD 13,392 per tonne.