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Bullion –

Comex August gold futures declined by 0.77% to settle at $3,310 per ounce on Monday, slipped to two-and-half-week low, while silver fell 0.40% to a 1-week low largely driven by a stronger U.S. dollar, which jumped 1.03% to a 1-week high of 98.66 amid easing global trade tensions. A weekend trade agreement between the U.S. and EU introduced a 15% tariff on most EU exports, including automobiles, effectively averting a trade war. Additionally, reports of an extended trade truce between the U.S. and China alongside expectations that the Fed will keep rates unchanged at this week’s FOMC meeting, further supported the dollar. Despite this, ETF gold and silver holdings rose to multi-year highs last week. Today, gold held above previous closing to trade near $3,315 as markets are now awaiting JOLTS and CB Consumer Confidence data to be released later today while talks are still underway with other major trading allies Canada and South Korea.

Crude Oil –

WTI crude oil prices surged ~3% to $67.1/bbl yesterday, driven by supply disruption concerns, progress on a US-EU trade deal, and rising expectations that the US and China may extend their tariff truce by another three months. Trump announced an accelerated deadline for Russia, shortening the original 50-day window to just 10–12 days, moving the truce deadline forward from September 2 and warned of possible “secondary sanctions” if an agreement on Ukraine isn’t reached. Meanwhile, the OPEC+ JMMC meeting offered no surprises, with no changes to current production plans but highlighted uneven compliance among member countries and urged nations falling short of their pledged cuts submit updated compensation plans by August 18. Today, oil prices are holding gains amid renewed US pressure on Russia, though sharp upside may be capped ahead of US trade deal deadline on August 1 and the official OPEC+ meeting on August 3.

Natural Gas -

NYMEX Henry Hub natural gas extended declines and slipped below $3/mmBtu, hurt by shift to colder weather forecasts, ample storage and subdued gas flows to LNG export terminals.

Base metals - LME base metals kicked off the week on a mixed note, with copper being the sole gainer, inching up 0.24% to settle at $9793/ton. Caution prevailed as traders awaited clarity from the Trump administration on which copper products will face the newly proposed levy, starting August 1 and whether metals are included in US-EU trade agreement, which imposes a 15% tariff on most European exports. Meanwhile, COMEX copper, which recently touched record highs, saw a sharp pullback after Chile's Finance Minister announced efforts to seek an exemption from the upcoming US tariff. LME metals may face pressure from a stronger dollar and ongoing Chile–US talks over proposed 50% copper tariffs, though US–China trade discussions and expected tariff relief could provide a cushion.

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