Precious Metal Market Outlook & Bullion Trading Economic Trends

Exclusive Precious Metals Market Outlook and Recommendations

Index updated August 19, 2025

Blanchard's Bi-weekly Index

The Blanchard Bi-weekly Index is a roll-up of industry news and economic trends affecting the precious metals market and trading world.

Check back often for insights and commentary from our leading experts and contributors.

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Market Movers

Precious Metals

The gold market is taking a breather as it consolidates quietly in a sideways range after a double-digit gain in the first half of the year. Gold climbed to a new record above $3,400 an ounce in April, boosted by safe-haven buying amid tariff wars, geopolitical tensions and concerns over sticky inflation. Big picture, the multi-year bull market in gold remains intact, driven by strong demand from global central banks and from long-term investors who seek portfolio diversification from an increased allocation to precious metal.

In July, the People’s Bank of China added to its gold reserves by 60,000 troy ounces—marking the ninth straight month of purchases that help it diversify its holdings away from U.S. dollars. The PBOC has bought around 36 tons of gold since November.

Strategists view the current pause in the gold market as normal after climbing as much as 30% in the first half of the year, as the market consolidations before its next move higher. Goldman Sachs forecasts that gold prices will climb to $3,700 by the end of 2025 and to $4,000 by mid-2026.

Key Takeaway

“We expect the Fed Funds rate to fall over the coming year and for inflation to tick higher from the recent lows. Investors should consider pullbacks to add gold and precious metals exposure to their portfolios.” – Wells Fargo Investment Institute, August 18, 2025.

Economic Update

The July producer price index (PPI) jumped the largest amount in three years as producer inflation heats up the costs of goods in the supply chain. The PPI surged 0.9% last month, revealing that costs are rising sharply for manufacturers. While businesses have largely been eating the tariff costs and selling product from inventory, economists warn the higher prices in the producer pipeline could soon be passed down to the consumer levels. The rise in PPI inflation far exceeded the consensus estimate for a 0.2% increase.

Key Takeaway

“This [PPI data] is a kick in the teeth for anyone who thought the tariffs would not impact domestic prices in the United States economy,” Carl Weinberg, chief economist at High Frequency Economics told Bloomberg.

In the News

UBS lifts 2026 gold forecasts on US macro risks — Mining.com, August 19, 2025

“We see US macro-related risks, questions over Fed independence, worries about fiscal sustainability, and geopolitics underpinning dedollarization trends and more central bank buying. In our view, these factors will drive gold prices even higher.”