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Silver $56.83 Β· Oil-inflation fears weigh on Fed outlook, pressuring gold ‌ ‌ ‌ ‌ ‌
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Gold Mornings
Your weekday morning read on gold, metals and miners.
Issue #19 Β· Thursday, July 16, 2026
Gold volatility (GVZ)  Cautious Β· 24.9  β–Ό from 25.0 yesterday
Gold and silver edged lower today as oil-driven inflation concerns keep Federal Reserve rate-cut odds uncertain amid Middle East tensions.
 
 

●  The Numbers

Gold$4,032.20  -0.29%
-2.38% this week
Silver$56.83  -0.50%
-5.88% this week
Platinum$1,667.70  +2.22%
+3.02% this week
Palladium$1,292.50  +0.72%
+3.91% this week
Copper$6.37  +1.26%
+2.54% this week

●  The Movers

Leaders

PL=F Platinum+2.22%
HG=F Copper+1.26%
PA=F Palladium+0.72%

Laggards

B Barrick Mining-1.59%
AEM Agnico Eagle-1.51%
GDX Gold Miners ETF-1.18%

The day's best and worst of the tracked metals and miners Β· day-over-day change.

●  The Read

Gold β€” description, not prediction

Trading below both its 50-day ($4,329.75) and 200-day ($4,472.72) averages β€” the longer-term trend reads as down. 30-day range $3,990.30–$4,475.80; currently in the lower third of that range. RSI(14) 50 β€” momentum roughly neutral.

See where every market sits on the daily page β†’

What's pushing gold today: the dollar & Treasury yields  on the Dollar & Yields page β†’

●  The Brief

 Oil-inflation fears weigh on Fed outlook, pressuring gold

Rising oil prices from geopolitical conflict are reinforcing inflation concerns, making the Federal Reserve less likely to cut rates soon. Lower rate expectations typically pressure gold prices. (Investing)

 European gas surges on Middle East escalation risks

Energy prices are climbing as Middle East tensions threaten global supply chains. Safe-haven demand for precious metals often rises alongside energy-price spikes and geopolitical uncertainty. (Investing)

 UBS flags copper deficit, supporting long positions

Investment bank UBS identifies a supply deficit in copper markets, suggesting structural support for prices. Copper demand reflects industrial health and inflation expectations tied to precious metals. (Investing)

 China rare-earth curbs threaten Western industrial supply chains

China's restrictions on rare-earth exports create supply-chain risks for Western manufacturers worth trillions. Commodity market disruptions and geopolitical tensions historically boost safe-haven precious-metal demand. (Investing)

Partner

The charts we read every morning

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Metals 101

What is the GVZ?

The CBOE Gold Volatility Index β€” gold's version of the VIX. It gauges how big a move the market expects in gold over the coming month. High GVZ means jittery, low means calm. It describes mood, not direction.

β€œMetals mirror the dollar and the day's mood β€” a description, not a forecast.”

Gold Mornings is an educational digest for US readers. Nothing here is financial, investment, tax, or legal advice. Metals carry risk β€” you can lose money, and past performance does not predict future results. Some links may be affiliate links; we may earn a commission at no cost to you. Prices via Yahoo Finance, captured each morning before the US open.

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