Weekly Markets Monitor: Precious times
14 July, 2025
Highlights
- With a light week for economic data, tariff developments returned to the forefront last week. Although the tariff pause was extended, new levies, some higher than initial rates, have raised concerns.
- Global equities ended the week mixed, with major U.S. indexes closing lower alongside declines in Japan and India, while European and Chinese stocks posted gains. Treasury yields rose, the US dollar strengthened, and oil prices edged higher.
- Gold ended the week strongly on spiking trade risks, although it could continue to underperform other precious metals – which have started to play catch-up after years of investor neglect. While there is structural support, growth headwinds could temper the industrial case for these precious alternatives
Chart of the week - Not just gold that glitters
Precious metals index based on equal weighted returns for spot silver, platinum and palladium (XAG, XPT and XPD), rebased to 2624 on 31 December 2024. Source: Bloomberg, World Gold Council
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