Commodities & Forex
Follow the latest commodities and forex news, including updates on oil, gold, metals, agricultural products, major currency pairs and central bank drivers. edgeX News brings together market updates that help traders monitor price movements, macro forces and global supply-demand trends.
2026 Week 32 Commodities Market Watch: Gold Leads as Oil Risk, Copper Scarcity, and Gas Weakness Split the Tape
During the review period of August 3–9, 2026, commodity markets delivered fragmented signals rather than a unified macro direction. Gold and silver led the complex as weaker U.S. labor data pushed traders toward expectations of lower interest rates. Oil retained a geopolitical risk premium from Middle East tensions, but potential OPEC+ supply increases and mixed EIA inventory data prevented a clean bullish breakout. Copper stayed firm on structural scarcity tied to power-grid and AI-infrastructure demand, though uneven Chinese consumption limited its broader growth signal. Natural gas lagged on comfortable storage levels, while the FAO's July Food Price Index indicated persistent agricultural inflation pressure across meat, vegetable oils, and sugar. Together, these divergent moves forced traders to interpret each commodity on its own fundamentals rather than as a single inflation trade.
Australia and New South Wales Commit A$2.5 Billion to Keep Rio Tinto's Tomago Aluminium Smelter Operating Beyond 2028
The Australian federal government and New South Wales have committed A$2.5 billion (US$1.76 billion) to keep Rio Tinto's majority-owned Tomago aluminium smelter running beyond 2028, after escalating electricity costs pushed the facility toward closure. The 10-year electricity supply agreement begins when Tomago's current contract with AGL Energy expires at the end of 2028 and runs through 2038, with all power sourced renewably from 2033 onward. Tomago, which accounts for nearly 40% of Australia's aluminium output and employs roughly 1,000 people directly, will also invest A$1.1 billion in plant upgrades and emissions-reduction technology. The pledge brings total government support for Australia's two largest smelters to A$4.5 billion this year, preserving the country's fully integrated mine-to-metal aluminium supply chain.
G Mining Ventures Raises Cost Forecast Amid Labour Inflation and Higher Royalties
G Mining Ventures said its operating expenses are now expected to rise about 12% this year, with higher labour costs and royalty payments driving the increase. The South America-focused gold producer also lifted its total cash cost outlook above earlier guidance, reflecting broader inflationary pressure across mining inputs. Shares fell after the update. The revision highlights how rising costs and changing royalty regimes can reduce the benefit of strong gold prices for miners.
Vale Accelerates Salobo Copper Expansion, Reduces Capital Costs
Vale's Base Metals unit plans to add approximately 30,000 tonnes of annual copper production at its Salobo mine in Brazil through a coarse particle flotation expansion. The company reduced the project's capital cost to about $215 million and accelerated first production to the first half of 2028. The expansion will increase total throughput to 42 million tonnes per year and yield roughly 15,000 ounces of gold as a byproduct. Wheaton Precious Metals will contribute $40 million under an amended streaming agreement. The project supports Vale's broader strategy to nearly double annual copper output to approximately 700,000 tonnes by 2035 through brownfield expansions in the Carajás region, as global copper demand grows amid electrification trends.
Rand Paul Becomes a Pawn in Fort Knox Gold Audit Debate
Senator Rand Paul visited the Fort Knox gold depository for roughly two hours and publicly declared all approximately 147 million ounces of gold present and accounted for, echoing earlier assurances from Treasury Secretary Scott Bessent. Critics, including precious metals industry leaders and sound money advocates, argue the brief tour falls far short of a legitimate audit, which would require independent bar-by-bar counting, serial number verification, purity assaying, chain-of-custody confirmation, and public reporting. Notably, Paul co-sponsored the Gold Reserve Transparency Act of 2025, legislation that would have mandated exactly such a comprehensive audit. The article contends that prior government audits lacked basic transparency and that critical questions about gold purity and possible encumbrances remain unresolved.
Dollar Dominance Shows Cracks as Fort Knox Gold Audit Questions Persist
The article examines growing cracks in U.S. dollar dominance, highlighted by the unusual mechanics of recent American intervention to support the Japanese yen. Rather than selling dollars, the Treasury used euros from its own reserves, reportedly to avoid pressuring Treasury bond yields amid a national debt exceeding $36 trillion. Economist Barry Eichengreen suggested this signals the dollar's reserve-currency status is weakening, potentially accelerating de-dollarization and central bank gold demand. Separately, Senator Rand Paul's brief visit to Fort Knox drew sharp criticism from precious-metals advocates who argue the tour falls far short of the comprehensive independent audit needed to properly verify America's roughly 147 million ounces of gold reserves, their purity, and whether any holdings are encumbered.
ForeFront Power Completes Earth-Mounted Erthos Solar System at Fresno Water Treatment Plant
ForeFront Power has completed a ground-mounted solar installation at Fresno's Northeast Surface Water Treatment Plant using Erthos Earth Mount Solar technology, which places modules directly on the ground without steel racking. The project became economically viable after Erthos helped eliminate costly civil upgrades and racking expenses that had previously rendered the payback period unattractive amid inflation and supply chain disruptions. The installation is part of a broader 27 MW-DC solar and battery storage portfolio developed for Fresno's Department of Public Utilities across three facilities, projected to save ratepayers over $122 million by 2045. Since beginning commercial operation in late March 2026, the system has delivered 862 MWh, operating at 101% of projected output.
Silver Futures Hold Above $65, Up 70.2% Year-Over-Year, as Markets Await PPI Report
Silver September futures opened at $65.46 per ounce on August 13, 2026, declining 0.4% from the prior session's close, with prices dipping to $65.23 in early trading. Despite the modest pullback, silver maintains robust year-over-year gains of 70.2%. Market participants are closely watching the Producer Price Index report for signals on the Federal Reserve's September policy decision. Following two consecutive months of cooling inflation, Yahoo Finance's Jennifer Schonberger suggested that a September rate hike appears increasingly unlikely. Silver's price is supported by both investment flows and significant industrial demand from solar panel, electronics, and automotive manufacturing sectors.
Silver North Continues Haldane Drilling and Commences Veronica Exploration in Yukon
Silver North Resources Ltd. is advancing silver exploration at two properties in Yukon Territory, Canada. At its flagship Haldane Silver Project in the historic Keno Hill Silver District, the company has completed 10 drill holes totaling approximately 2,550 metres since late June, with one rig now relocated to the Bighorn Target. Previous drilling at the Main Fault returned high-grade intercepts including 818 g/t silver over 13.15 metres, and analytical results from current drilling are expected starting in September. The company has also launched a three-week 2026 field program at its Veronica Property in the Silvertip District, where soil sampling and prospecting aim to expand a 1.2 km by 1 km geochemical anomaly prospective for Carbonate Replacement Deposit style mineralization.
Gold Futures Hold Above $4,400 for Fourth Straight Day Ahead of PPI Report
Gold futures opened little changed at $4,468.80 per troy ounce on Thursday, Aug. 13, 2026, and eased slightly in early trading. The metal has now started above $4,400 for four straight sessions as markets scale back expectations for a Federal Reserve rate hike in September. Traders are awaiting the day’s Producer Price Index report for more evidence on inflation and the Fed’s next move, following Wednesday’s CPI data that showed cooling inflation for a second month. The data could help determine whether policy remains on hold into September.