LME nickel prices strengthened in July, rising from US$16,175/mt on July 1 to a monthly high of US$17,205/mt on July 24, before easing to US$16,860/mt on July 28. Despite the late-month pullback, prices remained approximately 4.2% higher than at the start of July. The price rally was mainly supported by improving macroeconomic sentiment, as expectations of further Federal Reserve rate hikes weakened, boosting risk asset performance and pressuring the US dollar. In addition, disruptions to shipping through the Strait of Hormuz raised concerns over potential supply risks for Middle East sulphur, while expectations of tighter nickel ore supply from Indonesia provided further support to the market. Meanwhile, LME nickel inventories continued to decline through most of July, falling from 274,230 mt on July 1 to 267,522 mt on July 28, a net reduction of 6,708 mt. Although inventories saw a slight rebound toward the end of the month, stock levels remained below early-July levels, reinforcing a more supportive market sentiment.

July 9, 2026 Despite the escalating geopolitical tensions in the Middle East, gold is losing its lustre as a safe haven for the time being. Rather than benefiting from the renewed tensions between the US and Iran, precious metals remain in the stranglehold of macroeconomic factors: A sharp rise in oil prices, climbing US yields and a strengthening dollar are dominating market activity, pushing spot gold down to around US$4,074 per ounce, whilst silver slips to around US$58.12. Macroeconomics trumps geopolitics Even following the weak US labour market report for June, which briefly fuelled hopes of a more accommodative monetary policy, the outlook for precious metals looked positive. However, this positive effect quickly faded with the publication of the latest Fed minutes , which underline the US Federal Reserve’s continued focus on persistent inflation. At the same time, the military escalation in the Strait of Hormuz is driving massive market volatility. Following clashes between the US and Iran, oil prices surged sharply, with WTI and Brent initially soaring by around six per cent to US$74.93 (WTI) and US$78.73 (Brent) per barrel respectively. However, this crisis situation did not trigger a flight-to-safety reaction for the price of gold. Rather, the surge in oil prices fuelled fresh inflation fears and expectations of higher interest rates in the longer term. As a result, the yield on ten-year US government bonds climbed to over 4.58 per cent, pushing the dollar index to its highest level since early July. Silver was hit even harder, as concerns over the industrial economy put further downward pressure on its price and widened the gap with gold even further. Key technical levels in focus Due to these economic headwinds, the bears have taken the upper hand in the short term. Spot gold hit a five-day low of US$4,022 and failed in its attempt to reclaim the 20-day moving average. On the downside, a break below the US$4,041.65 level is now seen as the next negative signal, which could pave the way towards US$3,942.10 and US$3,886.46. For a noticeable improvement in the chart picture, prices would first need to break through the resistance zone between US$4,162.36 and US$4,214.34 in order to target the 50-day moving average at US$4,372.44. Technical weakness is also weighing on sentiment for silver. The market recently tested the key support zone between US$59.44 and US$58.53. If this level gives way, there is a risk of further declines down to the region around US$55.60 or even US$50.00. Only a return above US$63.28 would unlock new potential and once again make the moving averages beyond the US$70 mark realistic targets. Source： https://goldinvest.de/en/current-gold-and-silver-prices-rising-interest-rates-and-the-us-dollar-are-holding-back-precious

In H1 2026, Shanghai aluminum prices followed a high-first-then-low trajectory. In Q1, a mix of market expectations for Federal Reserve rate cuts and geopolitical tensions in the Middle East drove aluminum prices to multi-year highs. Entering Q2, confirmation of the US strong-dollar policy stance, easing supply disruptions in the Middle East, and a seasonal lull in domestic downstream consumption combined to push the aluminum price center downward continuously. Looking ahead to H2, persistent strong US dollar sentiment and overseas liquidity concerns will cap non-ferrous metal valuations. On the supply side, elevated aluminum prices have incentivized higher production releases; domestic operating capacity is projected to rise month-on-month, while newly commissioned capacity in the Middle East and Indonesia will ramp up output gradually. On the demand side, domestic consumption recovery is set to remain modest. Existing export order backlogs will still prop up aluminum semi-finished product shipments, yet market expectations for new export orders have softened. All told, Shanghai aluminum’s price center is likely to slide further in H2, delivering a full-year high-first-then-low price pattern. 1. H1 2026 Shanghai Aluminum Price Review by Stage 1.1 Q1: Macroeconomics & Geopolitics Dominate, Aluminum Prices Surge Then Consolidate Shanghai aluminum prices in Q1 2026 were primarily dictated by macro sentiment and overseas supply disruptions, with seasonally weak fundamentals taking a backseat. January: Rate Cut Expectations & Capital Inflows Fuel Price Rally Fundamentals: A seasonal lull ahead of the Lunar New Year created demand weakness, leading to a continuous build-up of social aluminum ingot inventories. By late January, SMM-tracked social inventories hit 782,000 tonnes, the highest level for the period in three years. Sustained high aluminum margins squeezed profit margins for downstream processors, dampening their willingness to operate and curbing primary aluminum purchasing activity. Macroeconomics: Markets priced in an impending Fed rate-cut cycle, sending the US Dollar Index sharply lower and drawing heavy speculative capital into commodity futures. Complementary pro-consumption policies rolled out domestically further underpinned aluminum prices. SMM’s average A00 aluminum price stood at RMB 24,086/tonne in January, the highest monthly average in H1. February: Cooling Rate-Cut Hopes Trigger Range-Bound Weakness Fundamentals: Lunar New Year holidays triggered a sharp collapse in downstream procurement, while smelters ramped up ingot casting, pushing social inventories even higher. Post-holiday SMM social inventories climbed to 1.108 million tonnes, with bloated stock levels failing to provide upward price support. Macroeconomics: Dimming Fed rate-cut bets lifted the US Dollar Index, prompting profit-taking liquidation that dragged aluminum prices lower and locked the market into weak consolidation. The average SMM A00 aluminum price retreated to RMB 23,385/tonne in February, down roughly RMB 700 month-on-month. March: Alternating Middle East Supply Risks & Demand Drags Intensify Volatility March trading centered on alternating forces of Middle East supply disruptions and demand-side headwinds, amplifying long-short volatility and driving aluminum prices through a pattern of rally-correction-rebound. Supply-side developments saw widespread overseas production curtailments: Mozal entered maintenance; Qatalum maintained a 60% operating rate and ruled out further output reductions; Alba shut down Lines 1, 2 and 3 with additional cutbacks rumoured; major damage to EGA facilities stoked fears of large-scale production suspensions. SMM estimates tally nearly 4 million tonnes of overseas primary aluminum capacity subject to cuts, including Mozambique’s smelter. Worries over contracting overseas supply became the core catalyst for periodic price rallies. Geopolitical risks: Escalating conflict in the Middle East raised widespread market concerns over shipping security in the Strait of Hormuz, embedding persistent geopolitical risk premiums into aluminum valuations. Demand-side headwinds: Mounting stagflation fears lifted risk aversion; lofty aluminum prices deterred downstream buying, while surging energy and freight costs crushed processor profitability and restrained demand recovery. SMM’s average A00 aluminum price rebounded to RMB 24,386/tonne in March, the second-highest monthly average in H1, alongside markedly wider price swings. 1.2 Q2: Expanding Supply & Marginal Demand Weakness Push Price Center Lower In Q2, high aluminum prices lifted domestic capacity utilization, while the market gradually priced in the impacts of overseas smelter cutbacks, shifting focus back to domestic fundamentals. Shanghai aluminum’s average price fell from roughly RMB 24,665/tonne in April to RMB 23,769/tonne in June, with prices dipping to an intra-year low of RMB 22,665/tonne in late June. Supply side: Strong prices encouraged primary aluminum smelters to boost operating rates and lift domestic output. The market gradually absorbed the impact of cutbacks in Mozambique and the Middle East, weakening the Shanghai-LME aluminum price ratio. Between June and July, rumours circulated that curtailed Middle East capacity would resume production, coupled with sequential commissioning of new Indonesian smelters, amplifying expectations of rising overseas supply. Industry communications indicate domestic primary aluminum output rose approximately 3.5% year-on-year over the first five months. Demand side: Elevated aluminum prices weighed on domestic end-user consumption, yet a stronger LME premium relative to Shanghai aluminum boosted semi-finished aluminum exports, offsetting weak domestic primary aluminum offtake. General Administration of Customs data records cumulative exports of unwrought aluminum and semi-finished products at 2.685 million tonnes in Jan-May, up 10.4% YoY. April single-month exports hit 598,000 tonnes, a one-year-plus high, followed by May shipments of 632,000 tonnes, up 15.5% YoY. Robust export volumes effectively filled the gap left by muted domestic consumption. Inventory side: Q2 delivered a pronounced destocking cycle. Social inventories peaked at 1.465 million tonnes in early May before falling to 1.165 million tonnes by end-June, a total drawdown of around 300,000 tonnes with an accelerated destocking pace. Weekly inventory drawdowns once surged to 170,000 tonnes, a four-year high for single-week de-stocking volumes. 2. Fundamental Supply & Demand Analysis 2.1 Supply: High Smelting Margins Boost Operating Rates, New Capacity Ramp-Ups Keep H1 Supply Ample Persistently robust smelting profitability in H1 2026 significantly expanded production flexibility, acting as the core driver of loose supply conditions through the first half. On one hand, sustained aluminum price strength maintained healthy per-tonne margins, maximizing smelters’ production incentives. On the other hand, new projects commissioned from late 2025 through H1 2026 entered sequential ramp-up phases, delivering steady monthly output increments. Continuous volume growth from newly commissioned capacity further lifted domestic primary aluminum production. The combined effects drove steady gains in national primary aluminum output, resulting in abundant raw material supply across the market. 2.2 Demand: Muted Domestic Consumption, Exports Act as Key Support Domestic primary aluminum demand in H1 2026 displayed a clear divergence: soft domestic offtake offset by buoyant external demand. Persistently high aluminum prices suppressed downstream purchasing, yet semi-finished aluminum exports benefited from favourable cross-market price differentials and delivered standout performance. General Administration of Customs data shows China exported 1.435 million tonnes of aluminum semi-finished products in Jan-May 2026, up 13.7% YoY, with May single-month exports reaching 320,000 tonnes (+14.7% YoY). Elevated export volumes over the first five months created a vital outlet for domestic primary aluminum digestions. The core driver behind export strength was the LME-over-Shanghai price spread: overseas markets faced tight supply expectations stemming from Middle East production cuts, while bloated domestic inventories depressed Shanghai aluminum, creating lucrative profit windows for semi-finished aluminum exporters. 2.3 Inventories: H1 Inventory Build to Multi-Year Highs Followed by Rapid Q2 Destocking Domestic social primary aluminum inventories traversed three distinct phases in H1 2026: rapid accumulation, consolidation at elevated levels, then steep destocking. Early-year seasonal weakness ahead of the Lunar New Year combined with high aluminum prices curbing demand drove continuous inventory builds, which peaked at a multi-year high of 1.465 million tonnes in early May. Subsequent downstream post-holiday restocking and surging export shipments triggered accelerated inventory drawdowns through Q2. The sharp destocking rate stemmed from concentrated export deliveries paired with a wave of downstream replenishment demand. 3. H2 2026 Outlook 3.1 Macroeconomics: Strong US Dollar Caps Metal Valuations The US will maintain its strong-dollar policy stance, keeping the US Dollar Index elevated and capping valuation upside across non-ferrous metals. Middle Eastern geopolitical risk premiums will gradually fade amid improved shipping outlook for the Strait of Hormuz and easing overseas liquidity jitters, creating long-term bearish pressure on aluminum prices. 3.2 Supply: Overseas Capacity Resumptions & New Commissioning Run Parallel Overseas market developments include incremental production restarts across Middle Eastern smelters, alongside faster ramp-up schedules for newly commissioned overseas capacity. 3.3 Demand: Weakening Support from Export Orders Short-term backlogged orders will continue to underpin semi-finished aluminum export volumes, yet narrowing cross-market price spreads have softened market expectations for new export order intake, pointing to downside risks for export growth over the medium-to-long term. Market participants will closely monitor domestic seasonal peak consumption trends and overseas new order placement momentum. 4. Comprehensive Market Assessment All factors considered, the Shanghai aluminum market will face dual headwinds of macro valuation pressure and expanding supply volumes throughout H2 2026.

July 7, 2026 Has the worst of the selling pressure on gold and silver finally passed? Although the gold price has not yet managed to break through the first resistance level above $4,200, Ole Hansen, commodities strategist at Saxo Bank, sees clear signs that the months-long correction is coming to an end. In his view, the market environment is currently shifting from pure liquidation toward a sustainable bottoming-out process, during which precious metals are once again being selectively accumulated. U.S. Monetary Policy as the Key Driver for a Breakout The next major price movement depends largely on macroeconomic conditions. Although the market is still pricing in an interest rate hike by the Federal Reserve this year, disappointing labor market data—with only 57,000 new jobs created in June—has already tempered the most aggressive forecasts. In addition, the new Fed Chair, Kevin Warsh, recently signaled that inflation risks are subsiding. Speaking to Kitco News, Hansen consequently stated that he does not expect another interest rate hike this year. Falling energy prices and waning inflationary pressure are undermining the basis for a restrictive monetary policy. Once this realization takes hold in the market, a weaker U.S. dollar is likely to give the gold price a massive boost. Technical Correction Phase and Momentum Opportunities for Silver Despite the improvement in fundamentals, gold is still technically in a correction phase and remains 26 percent below its January high. While support below $4,000 has been successfully defended, investors have so far used rallies toward $4,200 to reduce their positions. For a genuine trend reversal, the precious metal must first break above the 200-day moving average at $4,485 as well as the key correction retracement level at $4,574. A similar picture is emerging for silver, which, after the recent selling wave halted in the mid-$50 range, staged a constructive rally above the $60 mark before being capped at $63.27. Silver combines gold’s macroeconomic sensitivity with an extremely tight fundamental environment characterized by multi-year supply deficits and rising industrial demand. Due to its smaller market size, the white metal remains highly attractive to momentum investors, but its heavy reliance on short-term capital flows means it still requires strong nerves in the face of sudden shifts in market sentiment. Source： https://goldinvest.de/en/is-the-sell-off-over-gold-and-silver-may-be-on-the-verge-of-their-next-breakout

1 July, 2026 Executive summary In one of the most dramatic starts to any year, gold soared to record highs in January, crossing above US$5,500/oz intraday before dipping below US$4,000/oz in late June. Down roughly 7% year-to-date, gold nonetheless ranks among the top performers over the past year, as other assets play catch-up. The first half of 2026 showed that gold remains sensitive to heightened geopolitical concerns and abrupt shifts in investor sentiment. It also showcased the growing relevance of Asian markets in gold price discovery. At current levels, gold’s price is broadly in line with a global backdrop of moderate growth, cooling but still elevated inflation, and expectations of further – but limited – central bank tightening. Under these conditions, gold will likely stay relatively rangebound (±5%). But the stage is set for a possible breakout. On the upside, clear catalysts – a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying – could reignite gold’s momentum and lift it back towards US$4,500/oz or above. If the signals are strong, gold could push even higher. Conversely, an environment of resilient growth, rising yields, and calmer markets could see gold slip further – though a fall of more than 10% from current levels may be tempered by bargain-hunting demand. Meanwhile, enduring central bank demand and policy shifts in key markets like India are additional wildcards that could subtly influence gold’s path in the second half. Chart 1: Gold’s current price is in line with macro consensus expectations but deviations from this environment can resume gold’s upward trend or bring price consolidation H2 2026 implied gold performance based on hypothetical macroeconomic scenarios* Sources: Bloomberg, ICE Benchmark Administration, Oxford Economics, World Gold Council; Disclaimer *Historical data based on the LBMA Gold Price PM in USD as of 26 June 2026. Ranges are not price forecasts but hypothetical illustrations of the potential scenario outcomes based on our Gold Valuation Framework . ‘Macro consensus’ implies a range between -5% and 5%; ‘Uptrend’ implies 5% to 20% upside; ‘Price consolidation’ implies 5% to 15% downside. The reference point is the average LBMA Gold Price for the week ending 26 June 2026. For more details, see Table 3 . Login or register to keep reading... Login or register to read the text, view charts and download the files.. Registration is free, quick and easy. It gives you access to all downloads on this website. source： https://www.gold.org/goldhub/research/gold-mid-year-outlook-2026

June 21, 2026 As of June 19, 2026, by Florian Grummes While the start of spring on March 23 initially sparked a broad recovery in the price of silver and even led to a surprising peak of $89.36, silver prices have come under significant pressure again since May 13. It wasn’t until a sell-off low of $61.50 that a strong—though so far short-lived—rally to $71.55 began last week. Since Wednesday evening, however, precious metal prices have once again come under heavy selling pressure. The trigger was the Federal Reserve’s interest rate decision, which caused a sharp pullback in precious metal prices. The open price gap at $68.35 was quickly closed, after which the silver price fell further to $63.28. As a result, roughly two-thirds of the previous recovery has already been lost. Since the beginning of the year, silver has also posted a decline of about 10%. Compared to the price of gold, however, silver has proven somewhat more stable and has so far managed to narrowly hold above its March low of around $61. Interest Rate Shock Following Leadership Change at the Fed The already challenging macroeconomic and geopolitical environment is now facing additional headwinds from monetary policy. At its June 17, 2026, meeting, the new Fed Chair, Kevin Warsh, left key interest rates unchanged for the fourth consecutive time, but at the same time signaled that, from the central bank’s perspective, inflation remains significantly too high. This has brought the possibility of a more restrictive monetary policy more sharply into the markets’ focus, as several Fed policymakers consider an interest rate hike possible this year. For precious metals, this is a rather negative signal, as a great many market participants remain heavily focused on U.S. monetary policy. Higher yields on U.S. Treasury bonds and a stronger dollar increase the opportunity cost of holding a non-interest-bearing asset like silver, thereby limiting its upside potential. Price Declines Following a Change in Leadership at the U.S. Federal Reserve © Barclays, Bloomberg Statistically speaking, a change in leadership at the U.S. Federal Reserve is often followed by significant price declines in the stock and financial markets during the first three months, as market participants must first reassess the monetary policy stance and reaction patterns. At the same time, decision-making processes and communication practices take time to establish themselves, which can lead to increased volatility and cautious positioning in the markets in the short term. Of particular importance this time is the shift in communication at the top of the central bank. Under the new Fed Chair, Kevin Warsh, the previous practice of providing advance notice regarding the future path of interest rates has largely been discontinued, which could further increase uncertainty in the markets. Warsh intends to place a strong emphasis on combating inflation, a move that many market participants immediately interpreted as a signal of tighter monetary policy. Restrictive Monetary Policy Weighs on the Markets Instead of the previously hoped-for interest rate cuts, there are now increasing signs of possible rate hikes, which makes stocks less attractive, as higher interest rates increase financing costs and cause future earnings to be discounted more heavily. This uncertainty led to a significant decline in the S&P 500, with other indices also posting losses. In addition, Warsh’s first press conference reinforced the impression of a shift in policy within the Fed, causing investors to become more cautious for the time being and potentially withdraw capital from riskier investments. This underscores how sensitively the markets react to changes in monetary policy and how those changes are communicated. Real Economy and Industry Are Weakening In addition to monetary policy, the real economy is also sending mixed signals. Weak data from the freight and trucking sectors suggest that industrial activity is losing momentum, which is particularly relevant for silver given its heavy industrial use. Unlike gold, silver is not only a monetary store of value but also an industrial metal. When the economy loses momentum, this can dampen physical demand and temporarily slow upward price movements. Gold and Central Banks as a Strategic Tailwind 2026 Central Bank Gold Reserves Survey © World Gold Council T he same, gold remains the most important benchmark for the price of silver. While gold was able to recover quickly to over $4,380 following the recent correction—only to then plummet to $4,121—strategic demand from central banks remains a strong tailwind for the entire precious metals sector. The Central Bank Gold Reserves Survey 2026 shows that, over the past four years, central banks worldwide have accumulated an average of 1,000 metric tons of gold per year—significantly more than in the previous decade. Furthermore, 89 percent of the central banks surveyed expect global gold reserves to rise over the next twelve months, while 74 percent anticipate a decline in the dollar’s share of global reserves. This trend does not apply identically to silver, but it provides strong indirect support. When real assets, diversification, and geopolitical hedging gain importance, silver typically benefits as a downstream, more volatile companion to the gold market. Silver in U.S. Dollars – Early Summer Volatility Silver in U.S. dollars, daily chart as of June 19, 2026. © Gold.de From a technical perspective, the silver price has been moving largely sideways since the first sell-off in early February. However, the series of lower highs underscores the clearly corrective nature of the movement. In the range between approximately $61 and $64, the bulls have so far consistently repelled the bears’ attacks and repeatedly initiated bullish counter-moves. Most recently, silver rebounded last week from $61.50 to Monday’s high of $71.55. This recovery, however, proved short-lived, and silver prices fell back to today’s low of $63.28. As a result, silver is now trading below both its slightly declining 50-day moving average ($79.01) and its still-rising 200-day moving average ($68.24). The 200-day moving average, in particular, should actually stabilize the current sell-off and allow for at least a broader consolidation around the $68 level in the coming weeks. While the weekly stochastic has now reached oversold territory, the momentum oscillator on the daily chart is already pointing downward again. Overall, this paints a picture that can, at best, be interpreted as an early-summer shakeout. In other words, before the summer rally begins, precious metal prices are slowly forming a solid foundation amid erratic and rather weak price action. Once that foundation is laid, a significant recovery should follow in response to the correction that has lasted about four and a half months. In the process, the silver price should then be able to reclaim its 50-day moving average. However, should the stock markets come under pressure and hopes for a de-escalation and continued peace negotiations in the Middle East prove to be illusory, the outlook could darken significantly this summer. In this case, price action on the silver market could also be interpreted as a descending triangle. A break below the $60 to $61 level would confirm this scenario and trigger price targets well below $50. Conclusion: Silver—A Summer Rally Despite an Interest Rate Shock? Silver is currently at a macroeconomic and technical tipping point. In the short term, headwinds dominate: tighter monetary policy, rising real interest rates, and an economic slowdown all argue against a rapid and dynamic upward move. At the same time, the Fed’s policy shift is causing increased uncertainty—a factor that typically draws liquidity away from more cyclical assets like silver. However, two stabilizing forces counter this: a correction that has already been underway for about four and a half months, and increasingly oversold market conditions. Combined with structurally strong demand for gold, this creates an environment that suggests a bottoming-out phase rather than an immediate trend reversal. The support zone around $60 to $61 is therefore crucial. If this support holds, the current period of weakness is likely to turn out to be a classic early-summer bottoming process, from which a recovery toward the 50-day moving average and beyond should become possible as early as midsummer. However, if silver falls sustainably below $60, this would confirm the formation of a descending triangle. In this scenario, the correction would transition into a new downtrend—with price targets well below $50. The coming weeks are therefore likely to be shaped less by trend strength than by decision-making—with an uncomfortably high degree of dependence on geopolitical maneuvers, monetary policy communication, and macroeconomic surprises. Author: Florian Grummes Precious Metals Expert and Technical Analyst www.goldnewsletter.de Source: GOLD.DE

[SMM Lead Morning Meeting Minutes: Fundamentals Moderate While Macro Conditions Complex, Short-term Lead Prices to Retrace Some Gains] Recently, the macroeconomic situation outside China has been complex, market risk-averse sentiment has been relatively strong, and maintenance at China's primary lead and secondary lead enterprises has increased...

Record industrial demand, supply deficits, and new U.S. policy changes now place silver at the center of modern manufacturing.

Steep price reversal: Silver plunged nearly 11% and gold turned volatile after India hiked import duties to 15%, reversing initial post-hike gains. Policy-driven impact: The government raised duties to curb imports, protect forex reserves, and support the rupee amid the West Asia crisis. Market outlook: Higher tariffs may hurt demand, slow industrial imports, and prompt smuggling, while global inflation and dollar strength keep pressure on bullion. Immediate market reaction to duty hike The import duty increase from 6% to 15% on gold and silver triggered a dramatic reversal in silver prices, with MCX silver plunging nearly 11% or ₹32,624 per kilogram in just two sessions. Gold prices also turned volatile, with spot gold trading around 4% below its recent peak as inflation data and a stronger US dollar sapped momentum. The initial rally from higher landed costs was quickly erased as traders booked profits and demand weakened at elevated prices. Economic and policy rationale behind the hike The Finance Ministry's move to restore the earlier higher duty structure aims to curb non-essential imports, safeguard foreign exchange reserves, and support macroeconomic stability amid the West Asia crisis. Officials highlighted the need to prioritise forex for essential imports like crude oil and fertilisers, noting the rupee’s record low this year. The hike follows Prime Minister Modi’s call for citizens to avoid non-essential gold purchases, reversing 2024’s duty cuts intended to curb smuggling and aid the jewellery sector. Live Mint + 4 "The increase in customs duty on imports of gold, and precious metals announced by the government is aimed at safeguarding macroeconomic stability and conserving foreign exchange reserves. The measures have been taken also to moderate non-essential imports during a period of heightened global uncertainty arising from the ongoing West Asia crisis." Fortune India Why volatility matters for India’s bullion market India, the world’s largest silver importer and second-largest gold consumer, faces potential demand destruction as higher tariffs lift local prices. Silver’s significant industrial demand—from solar panels to EVs—means it is trading more like an industrial commodity, making it sensitive to growth concerns from elevated oil prices. Analysts warn that reduced official imports could revive smuggling and dampen both jewellery and industrial demand, especially if geopolitical tensions keep inflation risks high. The Economic Times + 4 Short- and long-term outlook In the short term, bullion prices may remain range-bound as profit booking offsets structural support from central bank purchases and ETF inflows. Over the longer term, silver retains strong global demand drivers from AI infrastructure, green energy, and electronics, though a weaker economic outlook could limit gains. Policymakers face the challenge of balancing macroeconomic stability with potential social and market disruptions from sharp tax interventions. The Economic Times + 4 Source： https://www.msn.com/en-in/news/insight/gold-and-silver-prices-tumble-after-steep-import-duty-hike

Inter-product price spreads are a segment of the rebar spread system characterized by complex logic and abundant trading opportunities. Unlike the spot-futures price spread, which reflects the spot-futures structure, and calendar spreads, which reflect near- and far-term expectations, the core of inter-product price spreads lies in macroeconomic structural adjustment and profit distribution across the industry chain. From the perspective of the industry chain, inter-product price spreads for long steel products are mainly concentrated in the following four areas: