Precious Metals Bounce Back Amid Geopolitical Uncertainty
Gold and silver prices rose this week despite facing significant challenges from macroeconomic headwinds. The precious metals managed to post weekly gains, driven by value buying following a recent correction and improved investor sentiment due to China's continued commitment to gold accumulation.
China imported approximately 173 tonnes of gold in June, the highest monthly volume since March 2024, according to Bloomberg and Chinese customs data. This highlights resilient physical demand from one of the world's largest gold consumers.
The energy market saw significant gains this week, with WTI crude oil rising 9.21% and Brent crude advancing nearly 11%, as escalating geopolitical tensions in the Middle East heightened concerns over potential disruptions to global oil supplies.