Gold and silver have shown a renewed upward pulse in recent sessions, and a veteran market commentator suggests the metals may need little extra impetus to continue their trends. Ira Epstein, founder of Ira Epstein & Company, notes a general pick-up in metal prices, with copper joining the rally alongside the two precious metals.
Silver leading the pack
One notable feature of the current market is silver’s stronger relative performance compared to gold. While both metals have moved higher, silver has gained more ground on a percentage basis—a pattern often associated with the early stages of a sustained precious metals bull run. Traders watching the live gold price will have seen gold push against key resistance levels, but silver’s advance suggests broad-based demand for hard assets.
Copper and the tariff question
Copper prices have also benefited from renewed buying interest, partly driven by speculation about potential changes to import tariffs affecting the industrial metal. Any alteration to trade policy could shift supply dynamics for copper, which is used extensively in construction and electrical wiring. The metal’s price action provides a useful bellwether for global economic sentiment.
Economic data on the horizon
Investors are now looking ahead to two key releases from the United States: the Mortgage Bankers Association (MBA) weekly mortgage applications index and the preliminary September Purchasing Managers’ Index (PMI) readings for both manufacturing and services. These numbers, due shortly, will offer clues on the direction of inflation and the health of the world’s largest economy. A stronger-than-expected PMI could reinforce the case for higher interest rates, which is typically headwinds for non-yielding assets like gold. Conversely, softer data might support the metal’s appeal as a store of value.
Geopolitical undercurrents
Beyond domestic data, geopolitical developments remain a factor. Relations between the United States and Iran are being watched closely; any escalation could drive oil prices sharply higher, feeding inflation fears and spurring demand for precious metals as hedges. Gold tends to attract safe-haven flows during periods of heightened geopolitical stress.
Technical picture for gold
From a technical perspective, gold has been testing established resistance zones. The ability to hold above prior breakout levels will be important for traders assessing the strength of the uptrend. According to Epstein’s observations, the metal appears to need only a modest catalyst—either from data or geopolitics—to clear these hurdles and extend its advance.
Key takeaways
- Precious metals are seeing a broad resurgence, with silver outperforming gold in recent sessions.
- Copper is also rallying, partly on expectations of tariff changes.
- Upcoming US data—MBA mortgage indices and September PMIs—may influence gold’s direction.
- US-Iran tensions represent a geopolitical risk that could boost safe-haven demand for gold.
Common questions
Why is silver performing better than gold right now?
Silver has both monetary and industrial uses. When investor sentiment turns bullish on metals, silver often moves more sharply because of its smaller market size and dual demand drivers. A pickup in global manufacturing expectations may also be boosting silver.
How do PMI releases affect the gold price?
The Purchasing Managers’ Index measures business confidence in manufacturing and services. Strong PMI readings imply economic expansion, which could prompt central banks to keep interest rates higher—a negative for gold. Weak PMIs increase the likelihood of rate cuts and tend to support gold.
What role do tariffs play in copper prices?
Tariffs alter the cost of imported copper, affecting domestic supply. If the US imposes higher tariffs on copper imports, domestic prices could rise as buyers compete for limited local supply. This spills over into broader sentiment for industrial metals and sometimes for precious metals as well.
Conclusion
Gold and silver enter a crucial period with multiple potential catalysts ahead. The combination of economic data, trade policy speculation and geopolitical risk suggests that further gains could materialise without a major new push. Investors watching the live gold price will be tracking these developments closely in the sessions to come.