Metals week Aug 31–Sep 6: Gold tracks the Fed while copper extends its winning streak
🥇 Gold ended the week around $4,420–4,430/oz after a volatile sequence driven largely by U.S. rate expectations. Prices fell early in the week despite rising Iran–Hormuz tensions, rebounded more than 2% after Christopher Waller struck a softer tone, then came under pressure again following a +162,000 NFP print. The move suggests gold traded more as a proxy for Fed expectations than as a sustained geopolitical safe haven.
🥈 Silver moved with higher beta but finished around $66/oz, roughly flat to slightly higher on the week. Platinum was also little changed near $1,810–1,830/oz. Precious metals overall remained highly sensitive to real yields and the dollar, while geopolitical risk offered only intermittent support.
🟠 Copper moved in the opposite direction. LME copper extended its advance to a 10th consecutive week, trading near $14,400/tonne and close to record highs. It is the longest weekly winning streak since 1994. SHFE copper inventories fell about 13% to roughly 63,000 tonnes, while metal continued to be drawn toward the U.S. ahead of a possible tariff on refined copper.
🏭 Copper’s support is not coming from inventories alone. Global mine output fell about 1.1% in the first half of the year, while Chile and several major operations continued to face disruptions. China’s manufacturing PMI at 49.8 still points to soft demand, but constrained supply has helped copper remain resilient despite weaker growth signals.
📊 Next week, gold will remain focused on U.S. PPI, CPI and FOMC expectations, with the $4,360–4,530/oz area in focus. Copper retains a neutral-to-positive near-term bias while inventories stay tight, but risks would rise if Chinese demand disappoints or U.S. refined-copper tariff policy shifts. The divergence remains clear: precious metals are pricing the Fed, while copper is pricing supply and inventories.
#Metals $XAU $XAG $COPPER
🥇 Gold ended the week around $4,420–4,430/oz after a volatile sequence driven largely by U.S. rate expectations. Prices fell early in the week despite rising Iran–Hormuz tensions, rebounded more than 2% after Christopher Waller struck a softer tone, then came under pressure again following a +162,000 NFP print. The move suggests gold traded more as a proxy for Fed expectations than as a sustained geopolitical safe haven.
🥈 Silver moved with higher beta but finished around $66/oz, roughly flat to slightly higher on the week. Platinum was also little changed near $1,810–1,830/oz. Precious metals overall remained highly sensitive to real yields and the dollar, while geopolitical risk offered only intermittent support.
🟠 Copper moved in the opposite direction. LME copper extended its advance to a 10th consecutive week, trading near $14,400/tonne and close to record highs. It is the longest weekly winning streak since 1994. SHFE copper inventories fell about 13% to roughly 63,000 tonnes, while metal continued to be drawn toward the U.S. ahead of a possible tariff on refined copper.
🏭 Copper’s support is not coming from inventories alone. Global mine output fell about 1.1% in the first half of the year, while Chile and several major operations continued to face disruptions. China’s manufacturing PMI at 49.8 still points to soft demand, but constrained supply has helped copper remain resilient despite weaker growth signals.
📊 Next week, gold will remain focused on U.S. PPI, CPI and FOMC expectations, with the $4,360–4,530/oz area in focus. Copper retains a neutral-to-positive near-term bias while inventories stay tight, but risks would rise if Chinese demand disappoints or U.S. refined-copper tariff policy shifts. The divergence remains clear: precious metals are pricing the Fed, while copper is pricing supply and inventories.
#Metals $XAU $XAG $COPPER
