1. Japan and the United States conducted coordinated yen-buying intervention and will not hesitate to take further action, Japan’s finance ministry said on Monday, confirming a rare bilateral action to halt the yen’s slide to fresh 40-year lows. The intervention on Friday underscored both countries’ resolve to prevent a selloff in the yen and Japanese government bonds from causing global spillovers, such as adding upward pressure on already rising U.S. Treasury yields. The joint intervention was the first since 2011’s coordinated action to weaken the yen following the devastating earthquake in eastern Japan. Central bank data indicated on Monday that Japan may have spent as much as $36.58 billion buying yen during Friday’s joint intervention.
2. Spot gold and silver prices are firmer in early U.S. trading Monday, as lower crude oil prices eased the inflation impulse from the Gulf conflict while a softer dollar added modest support. At the time of writing, spot gold was trading near $4,047.90 an ounce, up 0.15%, while spot silver was trading at $57.570, up 0.22% on the session. “An upbeat but guarded start for the metal,” said Tim Waterer, chief market analyst, in early bullion commentary. That fits Monday’s price action: gold and silver are bid, but neither market has yet forced a break from the consolidation ranges that developed after last week’s Fed meeting. Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,087.00 to $4,116.00 resistance zone, with a sustained move targeting $4,150.00 and then $4,200.00. Spot silver bulls’ next upside price objective is to drive prices back above the $59.14 to $60.09 area, with a move above that zone targeting $60.99 and then $64.00.
3. Treasury Secretary Scott Bessent said Tuesday that the U.S. joined Japan’s effort to strengthen the yen because the currency’s weakness risked destabilizing markets across Asia. “A stable yen is not only important for the U.S., but very important for the entire region.” Bessent said a sharply weaker yen could pressure other countries to devalue their currencies, pointing to volatility in the South Korean won and concerns that China’s yuan is undervalued. “Given the trade flows, given the size of the economy, given their contribution to the global savings market, it is very important to have a stable yen,” Bessent said. “The Japanese government understands that, and we are proud to stand with them in implementing their policies and help them stabilize the region.”
4. Job openings slid a bit in June compared to the month prior, while the hiring rate improved slightly. Some 7.4 million positions were available at the beginning of the summer, compared to 7.2 million in June 2025, according to the Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics released Tuesday. Economists surveyed had estimated 7.45 million openings for June, a touch lower than May and April’s levels.
5. The economy shed 23,000 jobs last month, the Labor Department said Friday, though the unemployment rate slid to 4.1%. Economists surveyed had expected a gain of 80,000 positions, an improvement from June’s revised gain of 20,000 jobs. Those predictions were dashed as retailers axed positions. Leisure and hospitality dropped 40,000 roles as the World Cup wound down. May’s payroll growth, which had massively surpassed expectations when it was first released, was also revised sharply lower to show a gain of 63,000, rather than 129,000. “A fairly mediocre report overall,” Homebase chief economist Guy Berger summed it up.
6. In the week ending August 1, the advance figure for seasonally adjusted initial claims was 199,000, an increase of 1,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 197,000 to 198,000. The 4-week moving average was 198,750, a decrease of 4,500 from the previous week’s revised average. The previous week’s average was revised up by 500 from 202,750 to 203,250.
7. Oil prices edged lower on Friday as investors weighed the mounting obstacles facing a proposed deal between Iran and Oman to reopen the Strait of Hormuz. Brent crude had slipped 57 cents, or 0.7%, to $81.92 a barrel, while U.S. West Texas Intermediate shed 33 cents, or 0.4%, to reach $76.96. Both contracts are tracking toward a roughly 9% loss for the week.
8. EUR/USD reverses Thursday’s decline and trades with solid gains in the 1.1560 region, or two-month peaks, on Friday. The pair’s firm performance comes in a context of a sharp correction in the U.S. Dollar as investors continue to assess disheartening Non-Farm Payroll readings.
9. USD/JPY falls toward 157.40 on Friday, down 0.65% on the day at the time of writing, as the U.S. Dollar comes under heavy selling pressure following a much weaker-than-expected employment report. The pair is also weighed down by the strength of the Japanese Yen, as Japanese authorities maintain their commitment to countering excessive weakness in the domestic currency.
UBS analysts are making the case for gold prices to rise, with the once-high-flying precious metal rallying over the past week. Gold futures have climbed more than 4% over the past five sessions, fueled by buying from Chinese investors and inflows into exchange-traded funds. Recent moves by the United States and Japan to shore up the yen also eased fears of a sell-off in U.S. Treasuries, which would have driven bond yields higher, creating a backdrop that’s typically a headwind for precious metals. “Gold’s rally has support,” UBS chief investment officer Ulrike Hoffmann-Burchardi and her team wrote on Thursday. “We expect gold prices to rise toward USD 5,000/oz in the first half of 2027.”
U.S. mortgage rates rose last week to the highest level in a year, curbing demand for home loans in an already subdued housing market. The contract rate on a 30-year mortgage rose 5 basis points to 6.81% in the week ended July 31, according to Mortgage Bankers Association data released Wednesday. Rates fell to their lowest levels since 2022 toward the end of February, just before the start of the Iran war. Since then, they’ve trended higher as the conflict pushed energy prices and stoked inflation concerns. The result has been a weaker demand for loans. MBA’s purchase index, a measure of loan applications, fell 3.6% from the prior week to a five-month low, while its refinancing index slid 1.9% to the lowest since mid-2025.
U.S. stocks fluctuated on Thursday as investors absorbed a series of earnings reports, prospects of an imminent Strait of Hormuz deal, and fresh labor market data. The Dow Jones Industrial Average fell 0.5%, risking ending the blue-chip index’s record-breaking win streak, while the S&P 500 fell 0.2%. The Nasdaq Composite ticked below the flat line. Investors remain hyper-focused on AI capital requirements and monetization. Geopolitical uncertainty continues to hang over markets, helping to send gold prices to multi-week highs. Global oil prices, which have fluctuated in recent days, rose to $81 per barrel on Thursday after Iran said it had reached an agreement with Oman for a temporary shipping route through the Strait of Hormuz.
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)
| Jul. 31, 2026 | Aug. 7, 2026 | Net Change | ||
| Gold | $4,053.60 | $4,340.01 | 286.41 | 7.07% |
| Silver | $57.87 | $63.34 | 5.47 | 9.45% |
| Platinum | $1,651.55 | $1,753.80 | 102.25 | 6.19% |
| Palladium | $1,283.20 | $1,385.20 | 102.00 | 7.95% |
| Dow | 52485.74 | 54036.52 | 1550.78 | 2.95% |
Previous Year Comparison
| Aug. 8, 2025 | Aug. 7, 2026 | Net Change | ||
| Gold | $3,388.51 | $4,340.01 | 951.50 | 28.08% |
| Silver | $38.21 | $63.34 | 25.13 | 65.77% |
| Platinum | $1,337.56 | $1,753.80 | 416.24 | 31.12% |
| Palladium | $1,130.00 | $1,385.20 | 255.20 | 22.58% |
| Dow | 44176.10 | 54036.52 | 9860.42 | 22.32% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4052/3958/3928 | 58.13/56.17/54.68 |
| Resistance | 4234/4350/4431 | 63.06/64.12/64.97 |
| Platinum | Palladiumn | |
| Support | 1630/1594/1542 | 1280/1239/1199 |
| Resistance | 1681/1717/1769 | 1360/1400/1436 |