Gold and Silver Industry & Investing News

Gold gained 0.6 % to around $3,294.56/oz as traders sought protection before Trump’s Aug 1 deadline for higher tariffs. Spot silver, platinum and palladium hit multi‑week lows, underscoring the broader market’s caution. The president extended the U.S.–Mexico trade deal by 90 days and announced multiple tariff hikes on other countries. June inflation climbed 0.3 % as import duties raised consumer prices, while the Federal Reserve held rates steady and signaled no immediate cuts.

Gold rose about 0.3 % to $3,299.54/oz on Friday after President Trump surprised markets by slapping steep tariffs on exports from Canada, Brazil, India and Taiwan. Despite the uptick, bullion was still down 1.4 % for the week and analysts said a strong jobs report could push prices towards $3,200. Investors are awaiting the U.S. July non‑farm payrolls data after June inflation rose 0.3 % as tariffs boosted import costs. The Federal Reserve kept rates in the 4.25 – 4.5 % range on July 31, dampening hopes of a September cut.

In Q2 2025, gold demand hit new highs, with total volumes up 3% to 1,249 tonnes and demand value jumping 45% to $132 billion—the highest on record. Investors favored gold ETFs and bars and coins, encouraged by geopolitical tensions and rising prices. Central banks also boosted their gold reserves significantly. Jewelry demand was mixed, with less volume but more spending, while technology use of gold faced headwinds from tariffs but gained traction in AI sectors. The data underscores gold’s continued appeal as a safe-haven asset.

Copper prices crashed following the announcement of a 50% tariff on copper products by President Trump, excluding raw copper forms such as concentrate and scrap. The tariff, effective August 1, targets finished goods like copper pipe and wire to shield U.S. manufacturers, while leaving raw material imports untouched. This move reversed recent price gains driven by fears of broad copper tariffs, returning U.S. prices to levels similar to global markets.

The Trump administration announced a 50% tariff on all imported copper, sparking a dramatic price drop of up to 18% in after-hours trading. Copper miners faced sharp declines in their stock prices as well. While the tariffs are intended to protect U.S. industries and reduce trade deficits, experts warn they could increase costs for everyday products that depend on copper. The new tariffs go into effect this Friday, impacting a metal that the U.S. imports almost half of, primarily from Chile.

President Trump has granted Mexico a 90-day reprieve on higher tariffs, extending current rates to allow more time for trade negotiations. This move comes alongside a new agreement with South Korea that imposes a 15% tariff on imports from Korea while exempting U.S. goods. Trump has also announced or threatened tariffs on goods from India and Brazil, including a 50% tariff on many Brazilian products starting soon. Meanwhile, talks with China and the EU show progress toward major trade deals, as deadlines for new tariffs approach.

Gold prices dropped following the Federal Reserve’s decision to hold interest rates steady at 4.25% to 4.5% during its July meeting. Strong U.S. economic data, including better-than-expected GDP growth and solid job numbers, suggest rate cuts may be delayed this year. Fed Chair Jerome Powell emphasized the need to watch the effects of tariffs before making any changes. Meanwhile, ongoing trade talks between the U.S. and China offer a cautiously optimistic outlook for the markets.

The Federal Reserve announced it will keep interest rates unchanged for the fifth consecutive time. Despite pressure from President Trump to lower rates, many Fed officials prefer to wait and see how recent economic policies, like tariffs, affect inflation before making any changes. Notably, the July meeting was historic as two Fed governors broke with the majority, voting in favor of a rate cut — the first time this has happened in 30 years.

Sub-Saharan African central banks have been boosting gold reserves to hedge against market volatility, with Ghana, Tanzania and Nigeria leading the charge. BMI (a Fitch Group unit) warns this “gold rush” exposes these countries to two major risks: Price risk – A sudden drop in global gold prices would dent the value of their reserves and, for exporters like Ghana and Tanzania, cut export revenues. Liquidity risk – Converting large gold hoards into cash could prove difficult during a crisis, as seen in past balance-of-payments squeezes in India and Argentina. Ghana’s aggressive buying has pushed gold to a third of...