Iran Market Pulse: Friday Midday, July 31, 2026; Gold, Silver, Platinum and Palladium All Turned Red Together

The war goes on, yet today all four precious metals fell together and the familiar market story broke. Spot silver reached about fifty eight dollars by midday, nearly two percent lower. This morning silver was the only green metal on the board. By noon it was gone. Gold, silver, platinum and palladium are red, and only industrial copper stayed green. The driver is not the war headline. It is the American interest rate. Spot gold trades near four thousand and seventy five dollars, down close to one percent. War made energy costly, costly energy made inflation, and inflation tightened monetary policy. Gold's January record was five thousand six hundred and eight dollars. Today we are twenty seven percent below. The winner this month is oil, the loser today is monetary metals, and copper is the exception. Brent closes the month more than twenty percent higher, near eighty six dollars. Saudi Arabia's quarterly deficit shrank by nearly three quarters, because oil revenue rose. The domestic board is closed, yet gram silver fell one point six six percent today. Watch these five points on Saturday so nothing catches you by surprise. The verdict today is clear. Oil is the winner of this war and gold is the loser. So, war does not always lift gold. Which do you trust, the war or the Federal Reserve?