Gold holds above $4,600, copper hits record as metals rally
This digest was compiled by AI from multiple sources — links to the originals are below.
Gold traded near $4,630–4,650 an ounce in late August, close to three-month highs, while silver held around $68–69. Copper rose above $6.7 per pound to a record, driven by tight supply and U.S. tariff expectations. Platinum and palladium also recovered, though their outlooks diverged.
Key Facts
- Gold traded at $4,630–4,650 per ounce, near three-month highs, in late August.
- Copper rose above $6.7 per pound, setting an all-time high.
- Zinc climbed to almost $3,860 per tonne, its highest level in four years.
- Platinum traded around $1,860–1,900 per ounce, while palladium was at $1,330–1,360.
- Investors awaited the U.S. PCE inflation index, a key Federal Reserve price gauge.
Precious Metals Rally
Gold traded near $4,630–4,650 an ounce, close to three-month highs, supported by a weak dollar and U.S. debt concerns. Silver held around $68–69 an ounce, remaining near strong levels of recent weeks. Investors returned to defensive assets amid nervousness over U.S. debt, yields, and possible government intervention in the bond market. Gold is again seen as insurance against broader macroeconomic risks, not just geopolitical ones.
Industrial Metals Surge
Copper rose above $6.7 per pound, an all-time high, driven by long-term demand themes and expectations of U.S. import tariffs. Traders are actively moving metal to the U.S. market, reducing available inventories in other regions. Zinc climbed to almost $3,860 per tonne, a four-year high, supported by low warehouse stocks and production disruptions.
Platinum Group Divergence
Platinum traded around $1,860–1,900 per ounce, supported by expected supply deficit and hybrid vehicle demand. Palladium traded at $1,330–1,360 per ounce, pressured by the rise of electric vehicles and substitution by platinum in autocatalysts.
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Gold holds above $4,600, copper hits record as metals rally
