Global Precious Metals MMI Still Dropping

The Global Precious Metals MMI dropped by 3.77% from last month. Leading the trend were silver and platinum, which suffered the most significant drops.

Both gold and silver prices appear poised for an additional price drop on the back of elevated interest rates, which are still rising at a higher-than-expected pace. Last month, the Precious Metals MMI dropped by 3%, with palladium leading the downward charge.

Gold and Silver Experience Significant Drops

Gold prices have declined fairly recently, experiencing breakdowns during short-term trading time frames. Volatile sharp moves in price will continue to create a risk in the precious metals market, likely through Q3 at least. Although this short-term price action may only be relevant for this month, it indicates the increased uncertainty of metals markets establishing a “bottom” this summer.

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Meanwhile, silver prices have followed a pattern not unlike that of Gold. As channels break, the macro downtrend just continues. This creates a similar sentiment where the market has trouble establishing a bottom.

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For instance, silver started to breach support during the latest trading session. Gold, however, hangs above this level, but only by a thread. Ultimately, a strong dollar and high-interest rates have significantly reduced precious metals’ price momentum. On the other hand, this basket of metals could find support if inflation continues and the economy weakens further.

Meanwhile, the LME Has Quietly Exited the Precious Metals Markets

Due to low liquidity, the LME unceremoniously withdrew its precious metals gold and silver contracts on July 11. That leaves Comex as the primary exchange serving the precious metals markets.

Global Precious Metals MMI: Actual Metal Prices & Trends

• US platinum prices dropped from XXX to $893/oz from $965/oz
• Japanese silver prices dropped from $6.74/ten grams to $5.78/ten grams
• Indian gold bullion performed the best in the basket, falling from $659/10 grams to $636/10 grams