August 18, 2026

Market Overview 12-08-2026 to 18-08-2026

Precious Metals Market – Price Growth Stalls

Last week, the precious metals market recorded relatively minor price movements. Larger price declines were avoided due to the latest US economic data, which have fundamentally changed expectations for Federal Reserve interest rates. At the same time, more pronounced price increases were also avoided – the tense geopolitical situation in the Middle East and concerns over high inflation are encouraging investors to take a more cautious approach towards the major precious metals.

Between August 12 and August 18, the global gold price experienced only marginal changes. On August 18, gold reached USD 4,393 per troy ounce.

Although the gold price did not record any significant growth over the past week, the precious metal has also managed to avoid larger price corrections towards the end of the summer. One of the latest reasons is the changing economic situation in the US.

According to official data, the US economy is showing signs of slowing down. In July, the US inflation rate fell to 3.4% (compared with 4.2% in May and 3.5% in June).

A sharp slowdown in job creation is also being observed. In July, the number of US jobs (excluding the agricultural sector) fell by as much as 23,000. This was the weakest result since February this year and the first negative reading in the past five months. According to economists, the US market had been expected to add approximately 80,000 new jobs in July this year.

The cooling US economy has also affected interest rate expectations. The probability that the Federal Reserve will not raise interest rates at its September meeting currently stands at around 65%. Meanwhile, the probability that interest rates will remain unchanged even after the December meeting currently stands at approximately 31%.

Lower US interest rates are particularly favourable for dollar-denominated precious metals (gold, silver, etc.). They increase the attractiveness of precious metals to holders of foreign currencies and reduce competition between precious metals and yield-bearing investment alternatives, such as US Treasury securities.

The global silver price also recorded a very slight (>0.4%) decline between August 12 and August 18. On August 18, silver reached USD 65.02 per troy ounce.

Between August 12 and August 18, the palladium price fell by more than 3% and reached USD 1,319 per troy ounce.

Over the same period, the global platinum price recorded minimal changes and reached USD 1,746 per troy ounce on August 18.

Although the platinum price has experienced several significant corrections since the beginning of the year, several market factors have recently helped it avoid larger declines.

The platinum price is supported by both the prolonged crisis in the Middle East and the problematic shipping situation in the Strait of Hormuz, as well as disruptions in the precious metal mining sector.

With the World Platinum Investment Council (WPIC) forecasting that the platinum market will face a supply deficit for the fourth consecutive year (a deficit of 297,000 troy ounces is expected), various mining disruptions are being recorded at a number of mines in South Africa.

The jewellery sector is also contributing to the positive outlook for platinum prices. Pandora – the world’s largest jewellery manufacturer – recently shared plans to replace a significant proportion of the silver jewellery it produces with platinum-plated products.

The global copper price fell by more than 0.4% between August 12 and August 18 and reached USD 14,038 per tonne.