Gold shows modest gains while silver crashes to four-week lows amid copper market chaos.
Gold (XAU) managed to squeeze out some gains in early U.S. trading today, with December futures climbing $5.30 to $3,358.60. Bargain hunters are finally stepping in after recent selling pressure. But silver got hammered, falling $1.059 to $36.68 and hitting its lowest point in four weeks.

The silver selloff looks like it's getting dragged down by the copper market bloodbath. When one industrial metal crashes this hard, others tend to follow.
Gold (XAU) Holds Steady While Metals Get Crushed
Gold (XAU) is showing resilience while the broader metals complex gets destroyed. The modest bounce suggests there's still appetite for safe-haven assets when everything else is falling apart.
Technically, gold bulls still have the upper hand but momentum is fading. They're eyeing a break above July's high of $3,509.00, while bears want prices below $3,300.00.
Copper Chaos Drags Down Silver
The real story is copper, and it's ugly. Trump's new tariff rules sent futures into freefall. Broker SP Angel said: "Blood on the street (in copper futures) as Trump exempts refined copper from the 50% tariff he mentioned a while ago, with no immediate tariffs on copper or copper products."
Copper fell 6% overnight after already plunging 18% Wednesday. That carnage is spilling over into silver.
Fed Stays Hawkish as Gold (XAU) Markets Wait
Fed Chair Powell pushed back against rate cut pressure, saying the central bank needs to stay alert for inflation. The Fed held rates steady for the fifth straight meeting. Powell's comments were balanced but cooled September cut expectations.
The dollar's strengthening is pressuring Asian currencies, with central banks scrambling to defend their money. Hong Kong bought HK$3.925 billion to protect its peg.

Central banks bought less gold in Q2 due to record prices - 166.5 tons, down a third from Q1. That's the lowest first-half since 2022, though they're still expected to buy around 815 tons this year.
U.S. stocks are set to open at records while oil sits weak around $69.50. The 10-year Treasury yield is at 4.35%. Traders will watch this week's jobs and income data for economic clues.