ONE TABLE, FOUR DIFFERENT STORIES
As we close the week, precious metals remain active, and direction is still driven by data. After short profit-taking pauses, the market is trying to find its balance again — but this time the flow is more layered, more complex. Silver keeps its place as the clearest story of the week. Even after the record-high pullback, it stays strong; holding around $58.33 shows buyers are still in control. This is not just a technical move. The U.S. adding silver to its critical minerals list and the physical tightness in China are creating a more permanent demand base. So the pullbacks are not “weakness,” but more like a “cooling and digestion phase.”
Gold is calmer but more fragile. Around $4,226, the price is waiting for data, not giving a clear direction. Rising Treasury yields put pressure on gold, while the weak dollar offsets that pressure and supports the price. Today’s PCE data will set the tone not just for the week, but for the whole month. A softer-than-expected reading may lift gold again. Still, gold keeps its 2025 support pillars — geopolitical risk and central-bank buying.
Platinum is quiet but important. The price looks stable, but strong support sits underneath; the market is still dealing with supply deficits and U.S. S232 uncertainty. If the U.S. decides on tariffs or quotas, platinum imports could tighten further — and the market is not ignoring that risk.
Palladium shows a clear picture this year. The slower-than-expected EV transition pushed hybrid sales higher, supporting palladium demand. With supply risks in Russia and South Africa still present, the metal has almost built a “second rally” this year. The $1,467 level reflects both solid demand and ongoing supply concerns.
In short:
This week the market wasn’t looking for direction — it was deciding which data will create it. Correlations have broken; each metal is now pricing its own story.