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Gold

Gold prices declined by approximately 0.50% during the week, failing to sustain near the week’s high of $2368. The hawkish stance of the U.S. Federal Reserve and robust data prints, including Flash Manufacturing PMI and Existing Homes Sales, dented gold’s appeal. The critical support level remains at $2280, and a weekly close below this point could signal further bearish pressure.

Silver

Silver faced a notable pullback, surrendering approximately 4% of its recent gains. This decline was driven by several key factors, including a stronger U.S. dollar index, increasing yields, and overall softness in the bullion market. Traders should closely monitor the one-month low of $28.665, which continues to be a critical support level. Nevertheless, dovish policies from other central banks provided some relief, mitigating the extent of the drop.

Crude oil

Crude oil extended its winning streak for two consecutive weeks, with prices rising by nearly 3%. Expectations of tighter market balances in Q3 and escalating geopolitical risks in the Middle East contributed to the bullish sentiment. The EIA’s weekly report showed an unexpected drawdown in gasoline stocks, driven by increased demand—reaching the highest level this year.

Copper

Copper prices declined by over 1% due to multiple factors. Weak economic data from China and a hawkish Fed stance prompted the selling in the counter. Additionally, a surge in inventories on the London Metal Exchange (LME) and a strong dollar further dampened copper’s appeal.

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