July 2026 - Precious Metal Market News

Where Does Gold Stand Amid Lowering Forecasts?

Following a difficult June, gold stayed relatively steady this July, with a floor of $4,000 holding strong throughout. The month started with a high of £3,132.57 before eventually dipping to the month low of £2,956.69 on the 17th. However, the dip didn't last long, rising back to just below £3,100 and floating between £3,030-£3,075 to see out the month.

As we have seen throughout recent months, with July no exception, the US-Iran conflict has stayed a primary market driver. President Trump once again has promised further peace talks with Iran, whilst the actions of the countries involved signal the opposite ^[C1] and Iran continue to strike tankers in the Strait of Hormuz ^[C2].

Whilst forecasts have recently seen cuts from financial institutions ^[C3] such as JP Morgan ^[C4], there is an overarching feeling that once Fed tightening relieves, a $5,000 floor is still within reach.

At times of volatility, with multiple conflicting influences, it can be best to take a step back and look at what people are actually thinking. ^[C5]

Silver Steadying Amongst Slowing Demand

Silver followed gold's lead throughout July. Starting with a month high of £47.03 per troy ounce, silver's drop saw a low of £41.23 on the 17th, before rising back to £44.85 on the 22nd and floating between £44.50 and £43 through until the end of the month.

With the rising costs of silver, it's no surprise that the solar industry is looking to reduce the precious metal's use ^[C6], but a deficit in supply remains.

Where Do We Go From Here?

As central bank and industrial demand continues to uphold the floor of precious metals, the wait is on as to which comes first between calm in the Middle East or a loosening of the Fed's resolve.

Interested in more blogs? Check out our full range of articles including the Beginners Guide to Gold and Sovereign Guide.

Citations and Credit