July 14, 2026

Market Overview 08-07-2026 to 14-07-2026

Chaotic Future for the Precious Metals Market?

Although the major precious metals avoided significant price changes last week, the markets were filled with major developments that could trigger stronger movements in the near future. As investors continue to monitor the increasingly unpredictable geopolitical situation in the Middle East, attention is also turning to specific challenges in metal production and increasingly uncertain analyst forecasts.

From July 8 to July 14, the global gold price declined by more than 1.4% and reached USD 4,017 per troy ounce.

Although the latest movements in the gold price have not been particularly significant, the situation could change rapidly due to renewed geopolitical tensions in the Middle East. U.S. President Donald Trump reinstated the U.S. blockade of Iranian ships transiting the Strait of Hormuz and demanded a 20% reimbursement fee for all other cargo transported through the waterway.

In response to this decision and the latest military actions by the United States and Iran in the Middle East, oil prices have risen sharply. As a result, concerns over elevated inflation and further interest rate hikes have re-emerged in the U.S. market.

At present, the probability that the Federal Reserve will raise interest rates by at least 25 basis points at its September meeting stands at 51%. Meanwhile, the probability of a 50-basis-point increase is estimated at approximately 20%. A more aggressive increase in interest rates and persistently high inflation in the U.S. could theoretically trigger corrections in the precious metals market.

From July 8 to July 14, the global silver price declined by more than 0.7% and reached USD 57.81 per troy ounce.

During the same period, the global palladium price increased by more than 3% and reached USD 1,258 per troy ounce.

From July 8 to July 14, the global platinum price rose by more than 1.6% and reached USD 1,607 per troy ounce.

Although investors are concerned about the possibility of higher interest rates, optimism in the platinum market is being supported not only by tensions between the United States and Iran, but also by the challenging supply situation for the metal.

According to forecasts by the World Platinum Investment Council (WPIC), platinum is expected to record a fourth consecutive annual market deficit. In addition, above-ground platinum stocks are projected to decline to just 2.3 million ounces — equivalent to less than three months of global platinum demand.

From July 8 to July 14, the global copper price increased by more than 2.7% and reached USD 13,612 per tonne.

The recent rise in copper prices has been driven both by the U.S.–Iran crisis and by challenges across the global copper supply chain. The copper market remains heavily dependent on Chile, which accounts for approximately 24% of global copper production. Due to factors such as declining ore grades, water shortages required for mining operations, unplanned maintenance work and other challenges, Chile’s copper production has recorded a significant decline this year.