Commodities Wrap Up First Half: Precious Metals Decline, Oil Rises Over 20%

On July 1, the commodities market concluded the first half of 2026, with precious metal prices mostly retreating after earlier highs. Spot gold has fallen over 7%, dropping more than $1,500 from its historical peak reached earlier this year. Spot silver has seen a cumulative decline of about 18%, with its price more than halved from its historical high this year. Spot platinum has dropped over 24%, and spot palladium has decreased nearly 25%. In contrast, base metals like copper reached a new high this year, with a cumulative increase of 7% in the first half; aluminum rose by 3.7%. Despite a significant pullback from its peak due to geopolitical tensions, oil prices have maintained their gains for the year, with WTI crude oil up 21.6% and Brent crude oil up 20%.