The hard-asset bid is back.
Gold ran to a two-month high near $4,500 before profit-taking pulled it back.
Central bank demand remains a structural source of support. China added roughly 20 tonnes in July, its 21st straight month of purchases.
Silver climbed above $66 before slipping back toward $65. It remains up more than 10% over the past month, keeping the broader trend positive.
Copper cooled from recent records to around $6.57 per pound. Softer Chinese demand weighed on the move, with the Yangshan premium falling to $96 a tonne.
Supply remains tight. Chile lowered its 2026 production forecast after weaker output from Codelco and other major mines, while US tariff uncertainty continues pulling metal into domestic warehouses. Data-center expansion and electrification add structural demand underneath it all.
Hard assets don’t lie.
Gold ran to a two-month high near $4,500 before profit-taking pulled it back.
Central bank demand remains a structural source of support. China added roughly 20 tonnes in July, its 21st straight month of purchases.
Silver climbed above $66 before slipping back toward $65. It remains up more than 10% over the past month, keeping the broader trend positive.
Copper cooled from recent records to around $6.57 per pound. Softer Chinese demand weighed on the move, with the Yangshan premium falling to $96 a tonne.
Supply remains tight. Chile lowered its 2026 production forecast after weaker output from Codelco and other major mines, while US tariff uncertainty continues pulling metal into domestic warehouses. Data-center expansion and electrification add structural demand underneath it all.
Hard assets don’t lie.