Precious Metals Soar on Weaker Dollar and Easing Rate Hike Expectations

Gold prices on COMEX were up by over 7% last week, marking their strongest weekly performance since late January. This surge was driven by a weaker US dollar, declining oil prices, and easing expectations of Federal Reserve rate hikes.

The decline in US nonfarm payrolls, which fell by 23,000 in July, also contributed to the rise in gold prices. The unemployment rate edged down to 4.1% in July from 4.2% in June.

COMEX Silver prices climbed above $63.5 per ounce on Friday, reaching a seven-week high due to softer rate expectations and firm industrial demand, particularly in China where imports of silver-bearing ores surged 62.5% YoY to 219,000 tonnes in June.

Copper futures on COMEX rose above $6.7 per pound, reaching fresh record highs as concerns over potential US tariffs on copper imports continued to divert supplies from international markets into U.S. warehouses.