Metals Focus Research
By Metals Focus
In-depth precious metals market research — gold, silver, platinum and palladium — published by Metals Focus.
Key takeaways from Indian conferences: improving sentiment ahead of festivals
Aug 27, 2026
Overview of Indian Precious Metals Market Sentiment The Metals Focus India team attended the India International Jewellery Show (IIJS) and India Gold Conference (IGC) in August 2026, noting improving sentiment ahead of…
Metals Focus Asia Quarterly
Aug 21, 2026
Gold Price Trends and Market Drivers Gold prices experienced a 16% peak-to-trough decline in Q2 2026, falling from $4,674 in April to below $4,000 in late June and early July (p. 1). Shipping disruptions in the Strait…
Could energy security strengthen hydrogen’s PGM demand outlook?
Aug 21, 2026
Energy Security and the Hydrogen Outlook Geopolitical disruptions, particularly in the Middle East, have highlighted energy security risks beyond oil and gas, impacting industrial supply chains like ammonia, urea, and…
Metals Focus Hedging Summary Q1.2026
Aug 18, 2026
Global Gold Hedging Trends in Q1.26 Gold net de-hedging rate increased, driving the global delta-adjusted hedge book down to its lowest volume since Q4.14 (p. 1). Global forward contracts fell by 642koz q/q to 2,178koz,…
China’s leading gold demand segment: resilient retail investment
Aug 15, 2026
China's Gold Retail Investment Trends Q2 2026 performance: Gold retail investment fell 7% y/y and 48% q/q to 107t, though it remained robust historically as the third highest Q2 since 2010 (p. 1). Value terms: Driven by…
Silver under pressure as Fed repricing and physical weakness take hold
Aug 6, 2026
Macroeconomic Headwinds and US Monetary Policy The US-Iran conflict and rising energy prices have fueled inflation expectations, prompting a reassessment of US monetary policy (p. 1). Markets now price in at least one…
Will the premiums in the Indian silver market sustain amid the new licensing regime?
Aug 1, 2026
Gold and EV Market Highlights (June 2026) Indian gold bullion imports fell to 19.8t, marking the lowest monthly total since April 2023 (p. 1). Gold ETPs in India added 2.5t, bringing total holdings to 119t (p. 1).…
What the silver mining M&A boom means for global silver supply
Jul 30, 2026
Silver Mining M&A Boom (2024–2025) M&A activity accelerated sharply with transaction values rising to $14.3bn across 2024 and 2025, compared to $244m in the preceding five years (p. 1). The boom was driven by a small…
Ruthenium and Iridium: Structural Market Tightness in the Era of AI
Jul 23, 2026
Supply Dynamics of Ruthenium and Iridium Global primary production is highly constrained and inelastic, with annual output limited to 872-915koz for ruthenium and 231-249koz for iridium (p. 1). Almost all supply is…
Gold Peer Group Analysis Q1.26
Jul 16, 2026
Production and Cost Statistics Equivalent gold production continued its long-term decline, falling 8% quarter-on-quarter (q/q) and 3% year-on-year (y/y) to 6.5Moz in Q1.26 (p. 4, p. 6). The decline was primarily driven…