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The Week That Was

* Spot Gold: Gold (0.8%) extended their winning streak for three weeks in a row, the longest such run since April. Last week was dataheavy, with Fed Chairman Powell testifying that "the central bank won’t wait for inflation to hit 2% before cutting rates as it may already be too late." Markets now see more than a 90% chance of a Fed rate cut in September, with another reduction anticipated before the year-end, following the cooler-than-expected CPI data that lifted prices higher.

* Spot Silver: The metal fell 1.4% for the week as continued growth concerns in China and PPI numbers from the US prompted investors to book profits. Investor focus will now be on this week's speech from the Fed Chairman and ECB monetary policy, where expectations are for the latter to hold policy rates.

* Nymex Crude: The four-week winning streak ended last week (-1.1%) after the threat of supply disruption by Hurricane Beryl eased off. Additionally, oil futures were further pressured by investors weighing weak U.S. consumer sentiment against mounting hopes for a Federal Reserve rate cut in September.

* Comex Copper: Copper finished lower last week (-1.3%) as a surge in LME inventories and weak data from China dented its appeal. LME data showed that copper inventories climbed to 206,778 tons for the week, the highest since October 2021. Additionally, Chinese imports unexpectedly declined by 2.3% in June, while exports topped forecasts with 8.6% growth. Investors are now looking ahead to a key political meeting in Beijing next week, the third Plenum, for signs of more stimulus to boost the economy

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