Silver at $59 and platinum at $1,612 as traders price a 76 percent chance of a September US rate rise

In trading on Monday, 27 July 2026, silver rose 1.7 percent to $59.16 an ounce, platinum gained 1.5 percent to $1,612.04 and palladium added 1.6 percent to $1,263.73. In the same session spot gold was 0.9 percent higher at $4,087.79 an ounce, while the US August gold futures contract rose 0.5 percent to $4,089.90.

The move was driven by a fall of more than 4 percent in oil prices and a 0.3 percent decline in the dollar index the same day, which made dollar priced metals cheaper for holders of other currencies. Tim Waterer, chief market analyst at KCM Trade, said gold was benefiting from moves in both oil and the dollar at once, and that its near term path is closely tied to where oil goes next.

Market attention is on the Federal Reserve policy meeting on 28 and 29 July, which investors and economists broadly expect to leave rates unchanged. According to the CME FedWatch tool, traders on Monday, 27 July put the probability of a US rate rise in September at about 76 percent. Higher rates typically weigh on demand for a non yielding asset such as gold.