Gold, silver fall; wheat hits 25-month high on supply risks

July 20, 2026 at 05:23 PM1 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Gold slipped to around $4,010 per ounce, losing over 4% in a month, while silver dropped to $56.6, with a monthly decline nearing 13%. Wheat surged to a 25-month high amid risks to Black Sea exports and a poor harvest in Western Australia.

Precious Metals Under Pressure

Gold traded near $4,010 per ounce, down over 4% in the past month, while silver fell to $56.6, approaching a 13% monthly loss. Both metals remain in a downtrend after hitting multi-month lows, with high interest rate expectations weighing on demand. Platinum dropped below $1,600, near its late-November low, and palladium declined to $1,230–1,240, just above autumn lows. Limited supply from South Africa provides some support, but expanding mining projects and rising electric vehicle adoption curb demand.

Industrial Metals Steady

Copper traded around $6.24 per pound, only 1.8% lower than a month ago and near its June record. Supply disruptions in Chile offer support, but geopolitical sell-offs and weak Chinese demand limit gains. Iron ore held at $99, with weak margins at Chinese steel mills posing a risk of reduced demand.

Agricultural Commodities Rally

Wheat hit a 25-month high last week due to risks to Black Sea exports and a poor harvest in Western Australia. Corn reached a seven-week peak. Coffee rose on harvest delays and quality concerns in Brazil. Sugar gained, while orange juice continued to decline.