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Bullion – COMEX August gold futures rose 0.14% on Thursday, settling above $3,325 per ounce and extending gains for the second straight session amid ongoing investor caution over Trump's trade policies. While the dollar’s rally to a 2-week high and stronger-thanexpected US jobless claims falling to an 8-week low limited gold’s upside. Meanwhile, silver surged 1.84%, buoyed by trade-induced economic uncertainty and robust fund buying, with ETF silver holdings hitting a 31-months high and also benefited from spillover strength in copper after Trump announced a 50% tariff on imports, effective August 1. Market pricing now suggests a 50-bps cut in 2025, reflecting tempered near-term dovish expectations. Today, gold holds 2-days gain to trade above $3,340 supported by safehaven demand amid escalating trade tensions as Trump announced a 35% tariff on Canadian imports starting August 1 and signaled plans for 15–20% blanket tariffs on most other trade partners.

Crude Oil – WTI crude prices slipped nearly 3% from two-week highs of $68.7/bbl on Thursday, pressured by renewed concerns over U.S. trade policy, speculation about a potential pause in OPEC+ output hikes after September, and the resumption of nuclear talks between Iran and the US. Reports suggest that OPEC+ is considering pausing further production increases once the voluntary cuts from eight members are fully unwound, signaling concerns about weakening demand after the peak summer season. Besides, Iran and the U.S. are set to resume nuclear talks next week, marking a potential restart of diplomacy. WTI edged higher to $67.10/bbl today, as traders remain cautious ahead of a “major statement” from President Trump on Russia, expected Monday.

Natural Gas - NYMEX gas futures jumped 4% to $3.39/MMBtu, buoyed by smaller than expected US inventory injection of 53 bcf and improving gas flows to LNG export terminals.

Base metals – LME base metals wrapped up Thursday on a mixed note, with zinc outperforming while copper held steady, closing at $9,700.50/ton. However, the real spotlight was on copper markets, as COMEX, prices hovered near all-time highs after Trump confirmed a sweeping 50% tariff on copper imports, set to take effect August 1. Stressing copper’s strategic significance in usage by the US Department of Defense and industries like semiconductors, Trump’s announcement sent ripples through global markets. Chile, the largestsupplier to the US, is already pushing for exemptions. Further adding to the uncertainty, the proposed tariffs may also extend to semi-finished products, threatening to disrupt downstream supply chains. LME metals may face pressure as a stronger dollar dampens sentiment, driven by renewed trade tensions after Trump proposed higher tariff rates on most major trading partners.

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