Silver jumps 4% to $38.47/oz, highest since Sept 2011 peak - HDFC Securities Ltd
Global Market Round Up
Precious metals rose in the previous week as increasing trade concerns overshadowed a generally stable US dollar. Silver surged to its highest level since 2011, with spot silver climbing as much as 4% to $38.47 an ounce, marking its peak since September 2011. Meanwhile, gold saw only modest weekly gains.
Global risk sentiment declined in response to recent tariff threats from US President Donald Trump, which intensified fears of a potential global trade war. President Trump announced a 35% tariff on Canadian imports starting August 1 and suggested plans for 15–20% blanket tariffs on most other trade partners. This tariff-related uncertainty has resurfaced this week and is a significant factor driving investment toward safe-haven precious metals.
Crude oil prices increased by over 2.0% last week as traders prepared for new U.S. measures aimed at restricting Russian energy exports. President Donald Trump announced plans to deliver a "major statement" regarding Russia on Monday and reiterated his criticism of Vladimir Putin. A sanctions bill, which has received support from at least 85 senators, proposes imposing 500% tariffs on China and India if they purchase any Russian energy. Natural gas gave up early recovery and closed lower, remaining near the bottom of the 3-week sell-off amid mixed fundamentals. On Thursday, a bullish weekly storage report led to a recovery in prices; however, the overall uncertainty about the demand outlook offset those gains.
LME copper prices remain vulnerable to further losses as the global market adjusts to Donald Trump’s 50% tariff threat.
What to Watch: In the upcoming week, consumer and producer inflation data from the US, along with retail sales figures and speeches from several Federal Reserve members, are expected to influence the commodity market. Additionally, data on CPI, industrial production, and retail sales from China will also affect the commodity market.
Gold
• Trading Range and Strategy: Expected range for Gold Aug Fut is 96450–99605. Buy Gold Aug Fut around 97550–97600 TGT 98725/99550 Keep Stop Loss 96450.
Silver
• Trading Range and Strategy: Expected range for Silver Sep Fut is 111380–117855. Buy Silver Sep Fut around 112900-112925 TGT 115080/117855 SL 111380.
Crude Oil
• Trading Range and Strategy: Expected range for Crude Oil Jul Fut is 5780–6150 Buy Crude Oil Jul Fut at 5825-5835 TGT 5980/6050 SL 5705.
Natural Gas
• Trading Range and Strategy: Expected range for Natural Gas Jul Fut is 275–324. Buy Natural Gas Jul Fut at 287-288 TGT 304/312 SL 275.
Copper
• Trading Range and Strategy: Expected range for Copper Jul Fut is 872-905. Buy Copper Jul Fut around 877-880 TGT 888/894 SL 872.80.
Zinc
• Trading Range and Strategy: Expected range for Zinc Jul Fut is 252.0–267.0 Buy Zinc Jul Fut at 253-254 TGT 261.0/263.0 SL 247.0
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