August 11, 2026

Market Overview 05-08-2026 to 11-08-2026

Precious Metals Market – Price Growth!

Last week, the major precious metals markets experienced a period of price growth. It was driven by rising geopolitical tensions in the Middle East, a new wave of oil price increases, central bank decisions favourable to some precious metals, and the latest import data from the Chinese market.

From August 5 to August 11, the global gold price increased by more than 2.9% and reached USD 4,372 per troy ounce.

The stronger increase was partly driven by new problems in the Middle East. As the likelihood of a US-Iran agreement on shipping through the Strait of Hormuz being reached in the near future declined, a new wave of oil price increases was recorded.

Investor interest in gold is also being supported by decisions of the People’s Bank of China that are favourable to the precious metal. Official data show that the People’s Bank of China increased its gold reserves by as much as 20 metric tonnes (640,000 troy ounces) in July. Although China’s central bank has now increased its gold reserves for 21 consecutive months, the latest purchase of the precious metal was the largest since October 2023.

The global silver price increased by more than 4.5% from August 5 to August 11 and reached USD 64.88 per troy ounce.

Silver price growth is being supported not only by the Middle East crisis and rising oil prices, but also by growing demand for the precious metal in China.

It is reported that in June this year, China imported 219,000 tonnes of silver-bearing ore. This figure was as much as 62.5% higher than the import volume recorded in June 2025.

It is also reported that China exported 471 tonnes of silver ingots in June this year (9.5% more than in June last year).

The global palladium price increased by more than 1% from August 5 to August 11 and reached USD 1,383 per troy ounce.

The global platinum price increased by more than 2% over the same period and reached USD 1,772 per troy ounce.

The global copper price recorded a slight increase from August 5 to August 11 and reached USD 14,170 per tonne.

Copper prices, which rose significantly during July-August this year, have recently been supported by both speculative rumours and actual trade restrictions.

Amid concerns over an expansion of US import tariffs on copper, record-high copper prices and sharply increased warehouse inventories are being recorded in the United States market. It is reported that more than 200,000 tonnes of copper arrived at US seaports in July alone.

Copper price growth is also being supported by the Democratic Republic of Congo’s recently announced ban on copper concentrate exports. The ban is effectively aimed at encouraging domestic copper processing and ensuring that a larger share of the added value generated from the country’s mineral resources remains in the Democratic Republic of Congo.

The ban is not expected to significantly worsen the global copper supply situation. However, considering that the Democratic Republic of Congo is one of the world’s most important copper exporters, it is realistic to expect that the latest development will contribute to short-term price fluctuations and increased speculation in the copper market.