CME Group’s micro metals futures showed mixed performance in July amid tariff uncertainty and Fed policy concerns. Gold prices briefly surged above $3,450/oz after President Trump threatened to fire Fed Chair Powell, but ended July flat at just under $3,300/oz following a hawkish Fed meeting.
Silver gained 1.5% to close at $36.710/oz, benefiting from initial tariff fears before bullion was exempted. Copper experienced extreme volatility, jumping 13% on July 8 after Trump announced potential 50% import tariffs, only to crash 14.3% by month-end to $4.3545/lb when copper cathodes were excluded. Trading volumes surged, with Micro Copper futures ADV up 89% and 1-Ounce Gold Futures hitting record monthly volume.