Last Week in Metals: Other Metals Join the Party

Gold finished last week at US $3,352 per ounce, a modest 0.6 % gain that nonetheless leaves the metal up an eye-catching 28.5 % year-to-date. Monday’s trade saw prices probe as high as US $3,365, keeping bullion within arm’s reach of the two-month trading ceiling that technicians have marked at US $3,395. All of this comes with a Federal Reserve still unsure of whether to step on the monetary brakes or tap the accelerator. In short, safe-haven demand is doing the heavy lifting—and Washington’s renewed tariff barrage is adding fresh weight to the barbell.

President Donald Trump last week extended his 90-day tariff “pause” but simultaneously slapped 30 % levies on goods from the EU and Mexico, 35 % on Canadian imports, and boosted duties on Brazilian products to 50 %. A headline-grabbing 50 % tariff on imported copper instantly sent that metal to record highs, underscoring worries that the next inflation flare-up may be driven less by demand and more by cost-push pressures. Even with the greenback advancing 0.7 % on the week, the prospect of tariff-induced price spikes appears to be overriding currency headwinds for bullion buyers. To those who favor sound money, the episode is a reminder that political quick fixes often come with inflationary side effects.

Futures positioning is equally intriguing. Net-long positions in COMEX gold slipped, yet the options market has turned more bullish, suggesting traders are quietly bracing for an upside breakout. Meanwhile, the falling gold-to-silver ratio hints that silver, platinum, and palladium may soon steal a bit of bullion’s thunder—a classic rotation when investors sense a broader precious-metals rally rather than a one-metal wonder.