Global Metals Market Overview for August 17–22, 2026: Gold and silver lead gains while base metals remain mixed
🥇 Gold rose about 5% over the week, briefly reaching the $4,624–4,632/oz area, its highest level in more than three months. The advance was supported by a weaker USD, easing U.S. yields and renewed fiscal concerns following the Treasury’s expansion of long-dated bond buybacks.
🥈 Silver also posted strong gains, climbing toward $69.5–69.9/oz, its highest level in roughly two months. The metal benefited from both a supportive macro environment for safe-haven assets and relatively stable industrial demand expectations.
🏦 Investment demand continued to provide a solid foundation for precious metals. Physically backed gold ETFs recorded strong inflows in recent weeks, while central bank purchases remained elevated, reinforcing demand beyond short-term speculative positioning.
🟠 Copper traded around $14,000–14,200 per tonne but showed a less consistent trend. LME inventories had previously fallen sharply and pushed spot premiums higher, before rebounding more than 17% from the low and easing near-term supply tightness.
🏭 Softer Chinese economic data continued to weigh on industrial metals. In contrast, aluminum and zinc remained supported by relatively low LME inventories, highlighting a clear divergence in physical supply conditions across base metals.
⛏️ Iron ore held near $95–96 per tonne. Chinese imports remained relatively stable, but weak steel demand and elevated port inventories continued to limit the potential for a sustained upward move.
📊 Looking ahead, markets are likely to focus on USD moves, Fed policy signals, U.S. PCE data, daily LME inventory changes and Chinese demand indicators. Precious metals remain highly sensitive to macro conditions, while copper and other base metals may continue to react strongly to inventory flows and the global growth outlook.
#Metals
$XAU $XAG $COPPER
🥇 Gold rose about 5% over the week, briefly reaching the $4,624–4,632/oz area, its highest level in more than three months. The advance was supported by a weaker USD, easing U.S. yields and renewed fiscal concerns following the Treasury’s expansion of long-dated bond buybacks.
🥈 Silver also posted strong gains, climbing toward $69.5–69.9/oz, its highest level in roughly two months. The metal benefited from both a supportive macro environment for safe-haven assets and relatively stable industrial demand expectations.
🏦 Investment demand continued to provide a solid foundation for precious metals. Physically backed gold ETFs recorded strong inflows in recent weeks, while central bank purchases remained elevated, reinforcing demand beyond short-term speculative positioning.
🟠 Copper traded around $14,000–14,200 per tonne but showed a less consistent trend. LME inventories had previously fallen sharply and pushed spot premiums higher, before rebounding more than 17% from the low and easing near-term supply tightness.
🏭 Softer Chinese economic data continued to weigh on industrial metals. In contrast, aluminum and zinc remained supported by relatively low LME inventories, highlighting a clear divergence in physical supply conditions across base metals.
⛏️ Iron ore held near $95–96 per tonne. Chinese imports remained relatively stable, but weak steel demand and elevated port inventories continued to limit the potential for a sustained upward move.
📊 Looking ahead, markets are likely to focus on USD moves, Fed policy signals, U.S. PCE data, daily LME inventory changes and Chinese demand indicators. Precious metals remain highly sensitive to macro conditions, while copper and other base metals may continue to react strongly to inventory flows and the global growth outlook.
#Metals
$XAU $XAG $COPPER