Gold and silver finished on a strong note, with both markets rallying into the close.

While I've remained cautiously optimistic about the outlook for precious metals despite the constant flow of headline-driven news, several developments helped support the market this week:

• Tether reported purchasing approximately 450,000 ounces of gold in Q2 2026, more than doubling its 210,000-ounce purchase in Q1. • China stepped up its official gold buying, adding 20 tonnes in July, according to Bloomberg. • Crude oil sold off sharply on renewed optimism surrounding the Middle East. While we've seen these moves reverse several times, lower energy prices helped ease inflation concerns. • Global investors returned to gold ETFs in July, with US$3 billion of net inflows, led by European funds, according to the World Gold Council. • Today's U.S. jobs report came in well below expectations, weakening both the U.S. dollar and Treasury yields, traditionally a supportive combination for gold.

While the long-term fundamentals continue to improve, markets remain highly sensitive to geopolitical headlines and economic data. As always, patience and discipline remain essential. Meanwhile, enjoy the ride!

Have a great weekend, everyone.

This commentary is provided for educational purposes only and should not be considered investment advice.