Commodity Wrap 07/08/2026 - Gold/Metals Rally as Oil and Nat Gas Slide

The Commodity Wrap for Friday 7th August 2026 is sponsored by Norsemont Mining (OTC: NRRSF, CSE: NOM).

Norsemont Mining (OTC: NRRSF, CSE: NOM) is a Canadian resource development company focused on advancing and developing the past-producing Choquelimpie gold/silver/copper project in Northern Chile.

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A weakening dollar, soft jobs data and lower inflation expectations have all contributed to a solid looking move to the upside, with gold up $300.62 (+7.44%) on the week, silver up $5.89 (+10.23%), platinum up $96.30 (+5.87%) and palladium $99.45 (+7.77%). Copper eked higher $0.07 (+1.07%).

We’ll cover jobs data more in Saturday’s Market Wrap, but interest rate expectations are also an important (and sometimes underrated) part of the gold complex and, in general, non-yielding assets are highly sensitive to them.

Generally speaking:

Higher rate expectations = Creates downward pressure for gold, silver et al

Lower rate expectations = Creates upward pressure for gold, silver et al

Something to note was that the spikes at the start of the week were also done on higher volume. The chart below is the work of Jesse Colombo: