Gold And Silver React To Gold Tariffs And Ukrainan War

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Last week began with concerns over tariffs on Gold and ended with uncertainty surrounding the status of the Russian-Ukrainian war. During the week, several key U.S. economic indicators were released, including the July Consumer Price Index (CPI), the Producer Price Index (PPI), and retail sales data. The results were mixed but generally negative for Gold prices. Gold ended the week at $3,336 per ounce, down $62 for the week, though still holding well above the key $3,300 support level.

After rallying from $2,629 at the start of 2025 to over $3,400 per ounce in April, Gold has been consolidating for the past four months, building an extraordinary base for the next leg higher. Since April, spot Gold has traded between a high of $3,492 and a low of $3,260 per ounce. This consolidation has allowed both buyers and sellers to remain active, creating a strong foundation following earlier gains. Many of my long-term clients have recognized a similar base-building pattern dating back to 1970, when Gold began its ascent from $37.44 per ounce.

Since precious metals trading closed on Friday, headlines have focused on discussions among Trump, Putin, and Zelensky, with more meetings expected. This news, combined with a few important domestic economic indicators scheduled for release this week, is likely to influence precious metals prices in the days ahead.

Key U.S. Economic data to watch this week:
The week of August 18th to August 22nd, 2025
- Tuesday: July Housing starts
- Thursday: August 16th Initial jobless claims, July Existing Home sales

Today: The Gold market moved higher in Asia early Monday morning, rallying over $20 by the noon session. However, as Gold trading left London, most of that gain was lost. Gold has traded between $3,322 and $3,359 per ounce today as the market awaits news from the White House on the status of peace in Ukraine.

Last week, Silver traded from a low of $37.40 to a high of $38.70 per ounce, but, for the most part, stayed above $38.00. Silver closed on Friday at $37.93 per ounce, down $0.57 per ounce for the week. Last week, trading volume was moderate, as premiums on many of the popular Silver coin and bar investment products moved lower. Low trading volume is common for the summer months, as many investors/dealers are on vacation. The Silver-to-Gold ratio increased on Friday to 87.96-to-1.

Today: Silver continues to trade above and below the key $38 per ounce level today. Today’s trading range was from a low of $37.74 to a high of $38.32 per ounce.

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