July 21, 2026

Market Overview 15-07-2026 to 21-07-2026

Precious Metals Market – Midsummer Chaos

Although the major precious metals markets avoided sharp rallies and significant price corrections last week, investors are closely watching the latest developments. Prolonged conflicts in the Middle East, another surge in oil prices, and an unexpected shortage of metals in some of the world’s largest markets are prompting cautious forecasts from analysts and contributing to growing uncertainty.

The global gold price recorded only minimal changes between July 15 and July 21. On July 21, gold reached USD 4,056 per troy ounce.

Although the gold price did not record any significant movements, this may change in the near future. As the US-Iran conflict continues, instead of the long-awaited peace agreement, reports are emerging both of US military strikes in southern Iran and attacks by Iran’s Revolutionary Guards on US military assets across the Middle East.

Although geopolitical tensions generally support the popularity of precious metals, the war in Iran may also trigger a sell-off in precious metals in the near future. As active military operations resume, global oil prices are once again recording particularly rapid growth.

Rising commodity prices may trigger a new wave of high inflation and higher interest rates in markets such as the United States. The probability of the Federal Reserve raising interest rates by 25 basis points in September currently stands at 55%.

If the interest rate hike scenario materialises, US dollar-denominated precious metals (gold, silver, etc.) may become a less attractive investment for holders of foreign currencies. At the same time, assets such as US government securities could become a considerably more attractive alternative to precious metals in a higher interest rate environment.

The global silver price increased by nearly 1.8% between July 15 and July 21, reaching USD 58.79 per troy ounce.

The global palladium price rose by more than 3.2% over the same period, reaching USD 1,258 per troy ounce.

Meanwhile, the global platinum price declined by more than 2.7% over the same period, falling to USD 1,280 per troy ounce.

The global copper price recorded only a marginal increase between July 15 and July 21. On July 21, copper reached USD 13,853 per tonne.

The copper market has recently been supported not only by tensions in the Middle East. Exceptional developments are also being recorded in China, the world’s largest copper-importing market.

China’s main copper import demand indicator (Yangshan premium) rose to USD 100 per tonne, its highest level since May last year. This signals a significant shortage of refined copper in China, with local importers willing to pay substantially higher-than-usual premiums to secure deliveries.

The shortage of refined copper in China has emerged for several reasons. After the Chinese authorities intensified their crackdown on illegal scrap metal trading and tax evasion, a considerable number of copper scrap suppliers reduced the scale of their operations or exited the market altogether.

The sharp increase in copper premiums has also been driven by record-low copper inventories in Shanghai Futures Exchange warehouses. Compared with inventory levels recorded in March, warehouse stocks have fallen by more than 80%.