On July 28, 2026, the precious metals market opened a new trading week. London spot gold and silver firmed in early Asian trading. As of press time, London gold was quoted at $2,412.50 per ounce, up 0.18% intraday, while London silver stood at $31.24 per ounce, up 0.35%. The main gold futures contract on COMEX hovered around $2,420, with silver futures trading near the $31.50 level. Market sentiment was cautious as investors awaited this week's Federal Reserve rate decision and U.S. GDP data.
Asian Market: Precious Metals ADRs Active in Premarket
In Asian morning trading today, precious metals depositary receipts (ADRs) performed strongly. Australian gold miner Northern Star Resources (ticker: NST), listed on the Tokyo Stock Exchange, rose 1.2% in premarket after announcing record quarterly output at its Kalgoorlie mine. In South Korea, the ADR for the precious metals business of Korea Zinc edged up 0.5%, reflecting Korean investors' safe-haven demand for precious metals. In Hong Kong-listed Chinese stocks, precious metals names such as Zhaojin Mining and Zijin Mining ticked higher in premarket, with Zhaojin Mining gaining 1.8%, a two-week high.
Mining Output Announcements: Multiple Companies Send Positive Signals
Recently, several precious metals miners released Q2 2026 production reports, with overall results beating market expectations. Barrick Gold reported Q2 gold production of 1.1 million ounces, up 5% year over year, mainly driven by improved operational efficiency at its Nevada mines. Newmont Mining posted Q2 gold production of 1.5 million ounces, with silver output also up 8%. Australia's Evolution Mining reported gold output up 12% YoY with solid cost controls.
Fresnillo, the world's largest silver producer, reported Q2 silver production of 13.5 million ounces, up 3% YoY but down slightly quarter over quarter. Management said output should recover in the second half as a new processing plant comes online in August.
These output growth announcements boosted investor confidence, with well-controlled costs attracting particular capital inflows. Goldman Sachs analysts noted that with the current gold/silver ratio around 77, silver has greater potential for industrial demand growth, though gold's safe-haven status remains the core driver.
Precious Metals ETF Flows: Net Inflows Continue
According to Bloomberg data, as of July 27, holdings in the world's largest gold ETF, SPDR Gold Trust (GLD), rose 2.9 tonnes from the previous week to 1,024.6 tonnes, the first time in three months above 1,020 tonnes. The world's largest silver ETF, iShares Silver Trust (SLV), saw holdings rise to 16,850 tonnes, up 0.6%. Overall, in the past five trading days, precious metals ETFs saw combined net inflows of about $850 million, with gold ETFs attracting $620 million and silver ETFs $230 million.
ETF fund flows show investors' safe-haven demand for precious metals remains strong. Recent geopolitical uncertainty and concerns about resurgent U.S. inflation have driven flows into precious metals. The 10-year U.S. TIPS yield has actually fallen back to around 0.85%, lowering the opportunity cost of holding gold.
Outlook: Fed Decision Could Be Key Variable
Market focus this week is on the Fed's July 28-29 policy meeting. While the market broadly expects rates to remain unchanged, language on balance-sheet reduction and hints about the future rate path could affect gold and silver prices. Daniel Ghali, senior commodity strategist at TD Securities, believes gold could face a short-term pullback if the Fed remains hawkish, but the long-term uptrend is intact. Additionally, the U.S. will release preliminary Q2 GDP this week; weaker-than-expected data could further lift safe-haven sentiment.
Overall, precious metals closed firmer on July 28, 2026, with mining output growth and ETF inflows providing positive alignment. Strong ADR activity offered arbitrage opportunities for investors in Japan, South Korea and other Asian markets. London spot gold found solid support near $2,400 per ounce, while silver appears poised to build strength above $31. Investors should closely watch the Fed meeting and geopolitical developments and adjust positions flexibly.
