August 4, 2026

Market Overview 29-07-2026 to 04-08-2026

Precious Metals Market – Price Consolidation

Last week, the major precious metals markets experienced relatively minor price movements. The subdued price dynamics were driven both by a somewhat more moderate stance adopted by central banks and by new political statements that contributed to a decline in oil prices. As investors continue to closely monitor developments in the Middle East, analysts and economists are awaiting the release of the latest U.S. economic indicators for July.

The global gold price recorded only minimal changes between July 29 and August 4. On August 4, gold reached USD 4,063 per troy ounce.

Recent geopolitical developments in the Middle East have brought greater stability to the gold market. Last week, U.S. President Donald Trump announced plans for new negotiations with Iran and stated that, for this reason, a planned strike against the Islamic Republic had been called off.

The markets responded very positively to Trump’s remarks. Global oil prices declined once again, while concerns also eased that elevated energy prices would sustain high inflation and force central banks to raise interest rates more aggressively.

On the other hand, demand for precious metals continues to be supported in part by persistent uncertainty surrounding U.S.-Iran relations. Following Trump’s public comments regarding the planned negotiations, Iranian officials stated that no direct talks with the United States had been scheduled. Iran publicly confirmed only the ongoing consultations with Oman regarding shipping prospects in the Strait of Hormuz.

Between July 29 and August 4, the global silver price increased by approximately 2.2% and reached USD 58.92 per troy ounce.

Silver, as a metal widely used in both industry and investment, has recently been supported by favourable interest rate decisions taken by central banks.

Despite various market speculations, at its July 29 meeting the Federal Reserve decided to keep interest rates unchanged at 350–375 basis points. Although the probability of a 25-basis-point rate increase as early as September currently stands at around 63%, the decision to refrain from an earlier rate hike undoubtedly helped preserve the attractiveness of dollar-denominated precious metals for holders of foreign currencies.

Silver prices also benefited from the historic joint intervention by the United States and Japan in the foreign exchange market. The intervention was carried out to halt the rapid depreciation of the Japanese yen. As a result of the coordinated actions, the Japanese yen strengthened against the U.S. dollar, while the U.S. dollar weakened against the yen.

The global palladium price increased by approximately 2.5% between July 29 and August 4, reaching USD 1,290 per troy ounce.

Over the same period, the global platinum price rose by more than 2.7% and reached USD 1,661 per troy ounce.

The global copper price increased by more than 2.7% between July 29 and August 4, reaching USD 13,990 per tonne.