Bullion Market Update – August 1, 2025

Precious Metals Prices 

Gold opened Monday morning at $3,342.40/oz, after a slight decline in recent weeks. The precious metal was relatively flat for the week until Friday morning when it jumped to over $3,350.00/oz intraday. 

Silver declined strongly on Wednesday and Thursday, getting back in the range of $36/oz for the first time in a few weeks. It bounced back slightly on Friday morning though and is currently trading intraday Friday at $37.07/oz. 

The price per ounce of platinum also showed a mild decline this week trading Friday around $1,304.03/oz after opening Monday at $1,424.75/oz. 

As of Friday morning, palladium is almost down slightly for the week. It had some high volatility Wednesday and Thursday but bounced back Friday morning and is currently trading around $1,223.48/oz. 

With silvers sharp decline relative to golds flat performance this week, the gold-to-silver ratio is back up to roughly 90:1.  

Market Update 

Tariff Escalation  On August 1, President Trump signed sweeping executive orders to impose tariffs ranging from 10% up to 41% on imports from dozens of nations, including India, Taiwan, South Africa, and Canada. The measures, set to take effect on August 7, have unsettled global markets, sending equity markets in Asia, Europe, and the U.S. lower as investors brace for potential disruptions to trade flows and supply chains. Analysts warn that higher import costs could pressure corporate margins and push consumer prices upward, adding another layer of uncertainty to the global economy. The prices of all four precious metals saw modest upward pressure on Friday morning as investors look for a hedge against volatility and potential dollar weakness. 

Job Growth Lags  The July jobs report showed that the U.S. economy added just 73,000 nonfarm payrolls, well below expectations, with prior months revised down by roughly 258,000 jobs. Unemployment inched up to 4.2%, signaling that labor market momentum is losing steam. The slowdown has raised concerns about the overall health of the U.S. economy, especially when combined with tariff-driven uncertainty and elevated borrowing costs. A softer labor market tends to pressure real yields and the U.S. dollar. As expectations for potential Fed easing later this year grow, investors may increasingly turn to precious metals as a defensive allocation in their portfolios. 

IMF Growth Forecast  The International Monetary Fund lifted its global growth forecast slightly to 3.0% for 2025 and 3.1% for 2026, citing short-term boosts from stockpiling ahead of tariffs and modest fiscal support in key economies. However, it cautioned that elevated trade barriers, inflationary pressures, and geopolitical frictions could easily derail momentum later in the year. Markets remain wary that further tariff escalation or retaliatory measures could weigh on long-term global growth. Against this uncertain backdrop, central banks and institutional investors have continued to accumulate gold, underscoring its role as a strategic reserve asset during periods of policy and geopolitical unpredictability.