09/07/2026
Gold & Silver Market Update: Geopolitics Takes the Wheel Again📉🌍
If you’ve been watching the precious metals market this week, you’ve seen exactly how fast sentiment can turn. Gold and silver rallied hard on soft US jobs data, only to give much of it back within days as Middle East tensions flared up again.
Here is what is actually driving the market right now:
The Whiplash Week: June’s weak US payrolls report pushed gold up to ~A$6,035/oz and silver to ~A$89/oz. But the rally was cut short when President Trump declared the interim Iran peace agreement "over." Oil jumped 5%, sparking fresh inflation fears and sending gold sliding back to ~A$5,845/oz and silver to ~A$84/oz.
Currency Swings: For Australian buyers, a chunk of this volatility is being driven by a weaker AUD (down 1.4% over the past month), which artificially props up local prices even when USD spot is flat.
Central Banks are Accumulating: While retail sentiment swings daily, the official sector is quietly buying. China extended its gold buying streak to 20 months, while Poland and Uzbekistan also added massive tonnage. More importantly, central banks are actively repatriating their gold to domestic vaults, a major signal they are bracing for global instability.
With the Cleveland Fed’s inflation nowcast turning negative, but oil prices threatening a new spike, markets are caught in a massive tug-of-war. Meanwhile, the RBA is holding at 4.35%, but economists are already predicting another local hike in August.
Are we looking at a temporary pullback, or is the stage being set for the next massive breakout?
Click the link in our bio to read the full breakdown, including key central bank data and what the upcoming July 14 CPI release means for your portfolio!
