On July 29, 2026, during Asian trading hours, precious metals markets traded cautiously. Gold hovered around $2,730/oz in a narrow range, silver continued to decline, breaking below the $26 mark, and platinum fell to a four-month low. As of 14:00 Beijing time, spot gold was at $2,728.5, down 0.1% on the day; spot silver at $25.82, down 0.6%; spot platinum at $1,023, down 1.2%, the lowest since March 2026.
Gold: Economy data vs dollar tug-of-war, gold awaits direction
US durable goods orders fell 1.2% month-on-month in June, below the expected 0.5%, reinforcing concerns of slowing economic growth and pushing gold to $2,739. However, hawkish comments from Fed officials later highlighted upside inflation risks, causing the dollar index to rebound to 102.4, curbing gold's upward momentum.
"Gold is in a stalemate between bulls and bears," said Singapore precious metals analyst Li Wei. "On one hand, recession expectations support safe-haven buying; on the other, high interest rates continue to pressure non-yielding assets. Technically, $2,730 is a key pivot. A break above $2,740 could challenge the historical high of $2,750, while a loss of $2,720 may retest $2,700."
World Gold Council data shows global gold ETF holdings fell by 3.2 tonnes this week, the third consecutive weekly net outflow. However, India's central bank increased gold reserves by 4.5 tonnes in June, providing some confidence. China's spot gold demand remains strong, with the Au99.99 contract on the Shanghai Gold Exchange at 566.8 yuan/gram, a premium of about $15 to international prices.
Silver: Weak industrial demand a major drag
Silver underperformed gold, continuing downward in Asia. After breaking below $26, it accelerated to a low of $25.72, the lowest since July 21. CRU, a non-ferrous metals research firm, reported that global industrial silver demand fell 2.1% year-on-year in Q2, mainly due to slower growth in PV module output and inventory destocking in the electronics sector.
"Silver's industrial nature makes it more sensitive to the economic cycle," noted Hong Kong silver analyst Chen Jiewei. "Although PV installations are still growing, silver substitution technology has reduced unit silver usage. Combined with high exchange inventories, silver prices lack sustained upward momentum. The gold-to-silver ratio has expanded to 105:1, historically high, suggesting relative undervaluation, but a near-term reversal requires catalysts from improved industrial demand."
Domestic silver TD price fell 0.8% to 6,612 yuan/kg, with reduced night session volume indicating strong wait-and-see sentiment. Positions in Shanghai Futures Exchange silver futures main contract decreased by 1,200 lots, reflecting capital exit.
Platinum: Auto catalyst outlook drags, hits 4-month low
Platinum was the weakest in Asia, dipping to $1,018, the lowest since March 27, 2026. Analysts attribute this to stricter EU emission standards reducing diesel vehicle share, as platinum demand mainly comes from diesel catalytic converters. Additionally, South Africa's Minerals Council data shows Q2 platinum group metals output rose 3% quarter-on-quarter, increasing supply-side pressure.
"Platinum has fallen for three consecutive months, with cumulative losses of about 12%," said New York platinum analyst Tom Brown. "The technical picture shows a clear downtrend. If it breaks below the psychological $1,000 level, it may test $980 support. Investors can watch whether rising Fed rate cut expectations lift precious metals overall, but platinum's rebound is likely to lag gold."
Outlook: Focus on US GDP and PCE data
This week is the last of July. Thursday sees US Q2 GDP preliminary data, Friday June PCE price index, the most critical reference before the Fed's August meeting. The market expects GDP annualized quarter-on-quarter to slow to 1.0% from 1.4%, and core PCE year-on-year to fall to 2.4% from 2.6%. If data confirm economic cooling and inflation slowing, the probability of a September rate cut will rise, likely boosting precious metals overall.
In the short term, gold oscillates in the $2,700-2,740 range, silver needs to watch support at $25.5, and platinum risks further decline to $1,000. Investors can monitor gold and silver trends in Asian trading and adjust positions flexibly.
(The above does not constitute investment advice. Investment carries risks. Enter the market with caution.)
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