1. Gold and silver prices are posting good gains in early U.S. trading Monday. The precious metals are supported by a lower dollar index and a dip in Treasury yields to start the trading week. August gold was last up $51.10 at $3,409.40. September silver prices were last up $0.87 at $39.33. Asian and European stocks were mostly mixed overnight. U.S. stock indexes are pointed to firmer openings and near record highs today in New York. Technically, August gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,400.00. September silver futures bulls have a solid overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $40.00.
2. Under the surface of the U.S. stock market’s march to record highs this month, there are signs the rally is running out of gas. The S&P 500 Index has gone 17 sessions without a move of 1% in either direction, the longest stretch of relative tranquility since December. For Matt Maley at Miller Tabak & Co., the diminished movement shows the market’s momentum is waning after its scorching rebound from April’s tariff-fueled lows. As Aaron Nordvik at UBS Securities LLC sees it, the tailwinds that were driving shares higher are now easing, such as the stock market’s history of strength in July. “I’ve been quite bullish for a while now, but most of the good news is now in the price,” said Nordvik, a macro equity strategist at the firm. While he says a sharp slump is unlikely, in his view the risk-reward profile for equities is less attractive than even just a couple of weeks ago. For now, stocks are near an all-time high, sustained by a broad sense that the U.S. economy is holding up in the face of the tariffs, while inflation remains muted.
3. As cryptocurrencies become more intertwined with the traditional financial system, industry heavyweights are racing for a long-sought goal of turning real-world assets into digital tokens. Advocates say tokenization is the next leap forward in crypto and can help break down walls that have advantaged the wealthy and make trading cheaper, more transparent and more accessible for everyday investors. But critics say tokenization threatens to undermine a century’s worth of securities law and investor protections that have made the U.S. financial system the envy of the world. What is tokenization? The basic idea behind tokenization: Use blockchain technology that powers cryptocurrencies to create digital tokens as stand-ins for things like bonds, real estate or even fractional ownership of a piece of art and that can be traded like crypto by virtually anyone, anywhere at any time. Is it legal? Securities law can be complex and even defining what is a security can be a hotly debated question, particularly in crypto. The crypto exchange Binance pulled back offerings of tokenized securities in 2021 after German regulators raised questions about potential violations of that country’s securities law. However, the SEC has struck a cautionary tone when it comes to tokens. Shortly after Robinhood’s announcement, SEC Commissioner Hester Peirce, who has been an outspoken crypto supporter, issued a statement saying companies issuing tokenized stock should consider “their disclosure obligations” under federal law. “As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset,” Peirce said.
4. Volatility across energy and equity markets spooked investors in the second quarter, slowing the pace of mergers and acquisitions in the U.S. upstream oil and gas sector, analytics firm Enverus said on Wednesday. There were $13.5 billion worth of deals disclosed in the quarter ended June 30, marking a 21% drop quarter-over-quarter, Enverus said. The first half of 2025 saw a total of $30.5 billion change hands, which is a 60% decline compared with the same period of 2024. “Volatility in commodity and equity markets has raised a major yellow flag for M&A, slowing the pace of dealmaking,” said Andrew Dittmar, principal analyst at Enverus Intelligence Research. During the second quarter, U.S. crude futures hit a low of $57.13 a barrel on May 5, before swinging to a high of $75.14 on June 18, according to data.
5. The number of Americans filing new applications for jobless benefits unexpectedly fell last week, pointing to stable labor market conditions, though sluggish hiring is making it harder for many laid-off workers to land new opportunities. Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 217,000 for the week ended July 19, the Labor Department said on Thursday. Economists polled forecasted 226,000 claims for the latest week.
6. Oil was steady on optimism over U.S. trade talks ahead of a key deadline next week, as tightness in diesel markets boosts sentiment. Brent crude was above $69 a barrel after adding 1% on Thursday, while West Texas Intermediate traded near $66. Indian Commerce Minister Piyush Goyal said he was confident that his country could reach an agreement with the U.S. before the Aug. 1 target date, while Brazil and Mexico looked to broaden trade ties.
7. The EUR/USD pair is extending losses on Friday with the U.S. Dollar is a tad firmer, supported by positive macroeconomic data which provide further reasons for the Federal Reserve to keep rates at high levels for a longer time after next week’s meeting, while a poor Business Climate survey from Germany has added weight on the Euro.
8. The U.S. Dollar extends its rally against the Japanese Yen for the second consecutive day on Friday: The pair has erased weekly losses and is nearing 148.00 from Thursday’s lows below 146.00 as US Treasury yields pick up with enthusiasm about this week’s trade deals fading.
Gold rose to the highest level in more than a month on Monday as traders assessed the impact of tariffs on inflation and interest rates in the absence of relevant economic data. Spot gold was up 1.52% at $3,409.40 an ounce. The Dollar Spot Index edged lower. Silver, platinum and palladium all rose. The dollar and bond yields pushed lower on Monday, helping to send bullion as much as 1.52% higher. Macro funds have begun buying back their previously built short positions in gold, according to TD Securities. Bullion will see more upside, driven by catalysts including the trade war, resumed interest rate cuts, a stagflationary environment, and challenges to central bank credibility, commodity strategist Daniel Ghali said in a note. Gold has climbed more than a quarter this year, with geopolitical tensions and concerns about dollar-denominated assets sparking a flight to the haven asset. The precious metal has been trading within a tight range over the past few months, as investors wait for a clearer sense of global trade talks, the path for rate cuts and the impact of tariffs on the global economy.
The average rate on a 30-year U.S. mortgage eased this week, offering little relief for prospective homebuyers facing record-high home prices. The long-term rate slipped to 6.74% from 6.75% last week. A year ago, the rate averaged 6.78%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased. The average rate dropped to 5.87% from 5.92% last week. A year ago, it was 6.07%, Freddie Mac said.
Stocks climbed on Wednesday after the U.S. struck a trade deal with Japan. The Dow Jones Industrial Average rose more than 1.1%, or roughly 450 points, and was just four points shy of its first record close of 2025. The S&P 500 moved up almost 0.8%, and tech-heavy Nasdaq Composite nudged up around 0.6%, with both closing at record levels. The U.S. pact with Japan places a 15% tariff on imports from the country, a step down from the threatened 25% duties set to hit next week. For its part, Tokyo will make $550 billion in U.S. investment.
Treasuries fell for a second day on Thursday as fresh data showing resilience in the labor market gave traders a pause about the Federal Reserve’s path on interest-rate cuts. Yields settled about three basis points higher across most tenors, led by shorter-dated debt, which is more sensitive to changes in monetary policy. And interest-rate swaps showed traders slightly pared bets on Fed rate cuts. They are now pricing in 42 basis points of reductions by the end of the year, with the first full cut coming by the October meeting.
Volatility should be expected to remain high as investors will be closely watching for hints on the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against both inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Trading Department – Precious Metals International Ltd.
Friday to Friday Close (New York Closing Prices)
| July. 18, 2025 | July. 25, 2025 | Net Change | ||
| Gold | $3,352.03 | $3,336.00 | -16.03 | -0.48% |
| Silver | $38.28 | $38.23 | -0.05 | -0.13% |
| Platinum | $1,438.50 | $1,404.73 | -33.77 | -2.35% |
| Palladium | $1,269.05 | $1,229.30 | -39.75 | -3.13% |
| Dow | 44342.19 | 44901.92 | 559.73 | 1.26% |
Previous Year Comparison
| July. 26, 2024 | July. 25, 2025 | Net Change | ||
| Gold | $2,383.50 | $3,336.00 | 952.50 | 39.96% |
| Silver | $27.81 | $38.23 | 10.42 | 37.47% |
| Platinum | $935.50 | $1,404.73 | 469.23 | 50.16% |
| Palladium | $899.80 | $1,229.30 | 329.50 | 36.62% |
| Dow | 40589.34 | 44901.92 | 4312.58 | 10.62% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 3314/3278/3246 | 37.40/36.60/35.72 |
| Resistance | 3381/3413/3449 | 39.08/39.96/40.76 |
| Platinum | Palladiumn | |
| Support | 1361/1297/1234 | 1161/1078/986 |
| Resistance | 1487/1550/1614 | 1335/1426/1510 |