Precious metals traded mixed this week, with gold consolidating near $4,033/oz and silver pulling back to $56.90/oz on profit-taking ahead of Friday’s jobs report. Industrial metals stole the spotlight, as copper surged roughly 2% on the week to $6.52/lb on Chinese concentrate shortages, while palladium climbed over 1% to $1,294.50/oz. Lithium remained the outlier, falling further amid oversupply concerns even as it stays sharply higher year-on-year.
Gold (XAU/USD) Price: $4,032.89/oz
→ +0.20% 🟢 Outlook: Bullish | Support: $3,950/oz · Resistance: $4,100/oz
Week in Review
Gold held a tight range around the $4,000-$4,050 band, briefly popping on renewed Iran-related headline risk before easing back as safe-haven demand faded on hopes for renewed peace talks.
Key Drivers: Fed policy uncertainty ahead of jobs data · Fluctuating US-Iran geopolitical risk · Reduced safe-haven bid
Forward Outlook
Friday’s payrolls print is the key swing factor; a soft number that revives rate-cut bets could push gold toward $4,400-$4,500, per recent analyst forecasts, while a hot print risks a retest of $3,950.
Silver (XAG/USD) Price: $56.90/oz
▼ -1.10% 🟢 Outlook: Bullish | Support: $55.00/oz · Resistance: $57.60/oz
Week in Review
Silver slipped from a brief push above $57.60 as profit-taking set in, though it remains well-supported above the $55 level amid strong industrial demand.
Key Drivers: Profit-taking after recent rally · Strong industrial/solar demand · Commerzbank raised year-end target to $67
Forward Outlook
A close above $57.50 keeps the path open toward $60, with analysts flagging accelerating momentum above that level; support sits near $55.00.
Platinum Price: $1,617.10/oz
▼ -0.75% 🔵 Outlook: Neutral | Support: $1,580/oz · Resistance: $1,650/oz
Week in Review
Platinum edged lower, tracking a modest pullback in the broader precious metals complex as investors booked profits after a strong multi-week run.
Key Drivers: Broad precious metals profit-taking · Softer autocatalyst demand outlook · Dollar strength on the day
Forward Outlook
Platinum should stay range-bound near $1,600-$1,650 barring a fresh catalyst; a break above $1,650 would target the next resistance near $1,700.
Palladium Price: $1,294.50/oz
▲ +3.26% 🟢 Outlook: Bullish | Support: $1,230/oz · Resistance: $1,350/oz
Week in Review
Palladium extended its recent advance, up over 1% on the day and nearly 5% over the past month, as tightening supply expectations continue to support prices.
Key Drivers: Tightening mine supply · Recovering autocatalyst demand · Momentum buying after months of consolidation
Forward Outlook
Continuation of the current uptrend toward $1,350 looks likely if supply-side tightness persists, though the pair remains vulnerable to a sharp reversal given recent volatility.
Lithium Price: CNY 140,000/tonne
▼ -2.10% 🔴 Outlook: Bearish | Support: CNY 130,000/t · Resistance: CNY 150,000/t
Week in Review
Lithium extended its decline, down over 15% for the month, as Chinese producers ramp supply faster than demand can absorb, even though prices remain roughly double year-ago levels.
Key Drivers: Oversupply from Chinese producers · Slowing EV battery demand growth · High base from prior year’s rally
Forward Outlook
Further near-term weakness looks likely as supply overhang persists, though the sharp year-on-year gain suggests the broader structural uptrend remains intact.
Copper Price: $6.52/lb
▲ +2.00% 🟢 Outlook: Bullish | Support: $6.20/lb · Resistance: $6.75/lb
Week in Review
Copper rallied to finish the week roughly 2% higher, breaking above $6.45/lb as concentrate and scrap shortages in China pushed treatment charges and spreads sharply higher.
Key Drivers: Chinese concentrate and scrap shortages · AI data center and clean-energy demand · Rising treatment charge spreads
Forward Outlook
The structural demand story from electrification and data-center buildout keeps the bias firmly bullish; a push toward $6.75 looks achievable if supply constraints persist.
⚠️ Risk Events — Next Week
| Event | Date | Impact | Affected |
|---|---|---|---|
| US Non-Farm Payrolls | August 7, 2026 | high | USD, Gold, Silver |
| Bank of England Rate Decision | August 7, 2026 | medium | GBP, Metals |
| China Trade Balance & Industrial Data | August 7, 2026 | medium | Copper, Lithium |
| Weekly US Jobless Claims | August 7, 2026 | low | USD |
Analyst Note
Industrial metals are outperforming precious metals this week, with copper’s supply squeeze the standout theme. Gold and silver remain constructive medium-term, but Friday’s payrolls data is the pivotal risk event that will set direction into next week.
This report is for informational purposes only and does not constitute financial advice. Published by Elven Financial Research.
