Precious Metals Prices

Precious metal prices increased 0.5% month on month in August, following July’s 0.8% rise.

Precious metals were the only commodity class whose average price rose in August, extending their streak of gains to an eighth consecutive month, but increasing at the weakest pace during this streak, signaling that the uptrend is coming to its end. Looking at individual metals, average gold and silver prices rose from July on the back of expectations of U.S. Fed interest rate cuts. Moreover, Trump’s clashes with the Federal Reserve fueled demand for safe-haven assets. On a less positive note, platinum and palladium prices declined; the first due to an arithmetic carry-over effect, and the second because of uncertainty about U.S. tariffs on palladium imports from Russia.