| Metal | Open | Close | Change |
| Gold | $4,031.19 | $4,042.13 | +0.3% |
| Silver | $59.10 | $57.59 | -2.6% |
| Platinum | $1,580.45 | $1,646.15 | +4.2% |
| Palladium | $1,216.70 | $1,277.80 | +5.0% |
Precious Metals July 2026 Spot Price Recap
Sometimes the only way to decipher what’s going on in the markets is to look behind you. July is shaping up to be a bridge month for the markets in 2026. There was an immense amount of volatility across every asset class, from equities to commodities to precious metals, and for much of the month markets held their breath waiting on Kevin Warsh’s rate announcement. The Fed held steady on July 29 in a divided 9 to 3 vote. Now that the dust has settled, the month closed with markets moving higher, breathing new life and a little euphoria into the start of August.
For precious metals, the numbers were quieter than the headlines. Three of the four metals finished higher, and gold snapped a four-month losing streak. Hycroft Mining CEO Diane Garrett summed up the stretch since January on CNBC: the pullback is a “normal correction,” and “this is not a broken bull market.”
J.P. Morgan Asset Management put together a comprehensive review of all markets in July that is worth reading. The biggest takeaways for precious metals investors: an early-month oil spike above $100 a barrel revived inflation concerns and pushed bond yields higher, and stocks rotated out of technology and into energy and value names.
Gold
Gold opened July at $4,031.19 and closed at $4,042.13, a 0.3% gain, with a monthly high of $4,174.85 on July 3. The highlight: it was gold’s first positive month since February, ending a four-month losing streak.
The whole month was a fight over the $4,000 line. “Although gold is on the cusp of ending a four-month losing streak, the precious metal has struggled to carve a bigger gap above the psychological $4,000 level,” Han Tan, chief market analyst at Bybit, told Reuters on the final trading day. Softer June inflation data helped late in the month, and the odds of a September rate hike fell from more than 80% to 65% by month’s end, according to the CME FedWatch Tool.
Silver
Silver opened July at $59.10 and closed at $57.59, a 2.6% decline, with a monthly high of $62.38 on July 3. It was the only metal of the four to finish lower.
There are two different perspectives on silver right now. On one hand, the banks got more cautious. JPMorgan cut its rest-of-year forecast to $60 to $65 on July 8, down from roughly $81, and UBS, ING, and Commerzbank followed it lower. “With investment demand patchy, silver prices have yet to find a solid floor,” UBS strategist Dominic Schnider wrote in a July 20 note.
On the other hand, the supply picture hasn’t changed. Silver is running its sixth consecutive annual supply deficit, with the official 2026 shortfall at 46.3 million ounces, and none of the banks cutting price targets have called the shortage over. The cuts were about the next few months, not the long-term balance.
Platinum and Palladium
Platinum opened July at $1,580.45 and closed at $1,646.15, a 4.2% gain, with a monthly high of $1,677.70 on July 15. Palladium opened at $1,216.70 and closed at $1,277.80, a 5% gain, with a monthly high of $1,318.16 on July 30. After leading the declines in June, the two industrial metals led the rebound in July.
Analyst opinion on where they go next is split. Bank of America is targeting an average platinum price of $3,000 by the fourth quarter, while JPMorgan’s July outlook sees the metal averaging $1,800 by year-end. Longer term, the World Platinum Investment Council projects flat supply through 2030, with consecutive deficits drawing above-ground stocks steadily lower. “The PGMs story in the second half is likely to be shaped by constrained supply meeting uneven but evolving industrial demand,” Joshua Rotbart, founder of J. Rotbart & Co., told the Investing News Network.
Looking Ahead
The month ended with a peace agreement in the Middle East, and markets opened August at all-time highs. Whether the macro backdrop holds is the question for the second half. Oil back at pre-war levels would ease inflation pressure and give the Fed room to move, which is what gold has been waiting on all year.
For investors tracking daily spot prices, the structural case for buying gold and silver hasn’t changed. Our commission-free brokers can help you match a position to your situation.
Spot price data sourced from CMI Gold & Silver’s daily spot prices.
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