Micro Gold, Silver and Copper Products Report

Highlights

The ongoing tariff concerns and President Trump’s comments about firing Federal Reserve Chair Jerome Powell pushed gold prices above $3,450/oz. in mid-July. A subsequent hawkish Fed meeting, however, led to U.S. dollar strength, putting pressure on prices. The Micro Gold (MGC) August 2025 contract eventually settled slightly under $3,300/oz. for July, largely unchanged month-over-month (MoM).
Silver prices approached $40/oz. when the market anticipated that sectoral tariffs might affect industrial metals other than copper. The realization that bullion would likely be exempted, following the announcement of input copper's exclusion, allowed silver to close 1.5% higher MoM at $36.710/oz.
Copper prices jumped 13% on July 8 after President Trump announced a potential 50% tariff on copper imports. At the end of the month, however, copper cathodes—the primary form of copper deliverable into CME Group warehouses—were excluded from the tariff. Consequently, prices fell to $4.3545/lb., down 14.3% MoM.
Given the rapid developments surrounding the copper tariff, Micro Copper futures (MHG) July 2025 average daily volume (ADV) reached its second-highest monthly record of 23,109 contracts, an encouraging increase of approximately 89% MoM. Additionally, the 1-Ounce Gold Futures (1OZ) July 2025 ADV reached 9,915 contracts, marking the highest monthly record since its product launch.

Micro Gold (MGC), Micro Silver (SIL) and Micro Copper (MHG) Futures Update

MGC, SIL and MHG price movement and daily range (expressed in terms of one lot notional)

*Intraday price movement is expressed as the difference between the daily high price and the daily low price multiplied by the contract notional in troy ounce (MGC and SIL) and pounds (MHG).

Options Heatmap (Change in OI from July 1 to July 31, 2025)

View current open interest and changes in volume and OI by strike, put or call, and expiration.

Key economic events in August/September 2025:

Key Economic Event	ET	GMT / BST	SGT / HKT
U.S. Nonfarm Payrolls	Aug 1, 8.30 a.m.	Aug 1, 1.30 p.m.	Aug 1, 8.30 p.m.
U.S. ISM Manufacturing PMI	Aug 1, 10.00 a.m.	Aug 1, 3.00 p.m.	Aug 1, 10.00 p.m.
China Balance of Trade	Aug 6, 11.00 p.m.	Aug 7, 4.00 a.m.	Aug 7, 11.00 a.m.
China Inflation Rate YoY	Aug 8, 9.30 p.m.	Aug 9, 2.30 a.m.	Aug 9, 9.30 a.m.
U.S. Inflation Numbers	Aug 12, 8.30 a.m.	Aug 12, 1.30 p.m.	Aug 12, 8.30 p.m.
China Industrial Production YoY	Aug 14, 10.00 p.m.	Aug 15, 3.00 a.m.	Aug 15, 10.00 a.m.
FOMC Minutes	Aug 20, 2.00 p.m.	Aug 20, 7.00 p.m.	Aug 21, 2.00 a.m.
U.S. GDP Growth Rate QoQ	Aug 28, 8.30 a.m.	Aug 28, 1.30 p.m.	Aug 28, 8.30 p.m.
U.S. Core PCE Price Index	Aug 29, 8.30 a.m.	Aug 29, 1.30 p.m.	Aug 29, 8.30 p.m.
China NBS Manufacturing PMI	Aug 30, 9.30 p.m.	Aug 31, 2.30 a.m.	Aug 31, 9.30 a.m.
China Caixin Manufacturing PMI	Aug 31, 9.45 p.m.	Sep 1, 2.45 a.m.	Sep 1, 9.45 a.m.
U.S. ISM Manufacturing PMI	Sep 2, 10.00 a.m.	Sep 2, 3.00 p.m.	Sep 2, 10.00 p.m.
U.S. Nonfarm Payrolls	Sep 5, 8.30 a.m.	Sep 5, 1.30 p.m.	Sep 5, 8.30 p.m.
China Balance of Trade	Sep 7, 11.00 p.m.	Sep 8, 4.00 a.m.	Sep 8, 11.00 a.m.
China Inflation Rate YoY	Sep 9, 9.30 p.m.	Sep 10, 2.30 a.m.	Sep 10, 9.30 a.m.
U.S. Inflation Numbers	Sep 11, 8.30 a.m.	Sep 11, 1.30 p.m.	Sep 11, 8.30 p.m.
China Industrial Production YoY	Sep 14, 10.00 p.m.	Sep 15, 3.00 a.m.	Sep 15, 10.00 a.m.
U.S. Fed Interest Rate Decision, FOMC Economic Projections and Fed Press Conference	Sep 17, 2.00 p.m.	Sep 17, 7.00 p.m.	Sep 18, 2.00 a.m.
U.S. Core PCE Price Index	Sep 26, 8.30 a.m.	Sep 26, 1.30 p.m.	Sep 26, 8.30 p.m.
China NBS Manufacturing PMI	Sep 29, 9.30 p.m.	Sep 30, 2.30 a.m.	Sep 30, 9.30 a.m.
China Caixin Manufacturing PMI	Sep 29, 9.45 p.m.	Sep 30, 2.45 a.m.	Sep 30, 9.45 a.m.

Source: CME Group, Quikstrike

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