Micro Gold, Silver and Copper Products Report – September 2025

Highlights

Downward revision to NFP figures, rising jobless claims, the dovish tone from the Fed at the Economic Policy Symposium in Jackson Hole and the latest PCE data have increased the expectation of a September rate cut. FedWatch now shows over an 85% probability of a 25 basis point cut at the upcoming September FOMC meeting. COMEX active Gold futures prices rose 5.0% month-over-month (MoM), closing August at historical high of $3,516.1/oz.
Given the strong bullish momentum of gold, silver has emerged as a gold proxy, with prices rising 10.9% MoM to settle at $40.725/oz in August. This marks the largest monthly gain since May 2024 and the highest level since 2011.
Copper prices have remained relatively range-bounded since the announcement that copper cathodes would be excluded from tariffs. Prices finished August at $4.5905/lb, up 5.4% MoM. This rebound was supported by the U.S. government’s proposal to include copper in the 2025 draft critical minerals list, recognizing its key role in the clean energy transition, following a double-digit percentage loss in July.
In addition to the deep liquidity of our Micro Metals products, we are pleased to report that the average daily volume (ADV) and average daily open interest (ADOI) of 1-Ounce Gold (1OZ) futures reached new monthly highs of 16,155 contracts and 9,043 contracts, respectively.

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 31st to August 29th, 2025)

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

Key Economic Events in September/October 2025:

Key Economic Event	ET	GMT / BST	SGT / HKT
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. Non Farm 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.
U.S. ISM Manufacturing PMI	Oct 1, 10.00 a.m.	Oct 1, 3.00 p.m.	Oct 1, 10.00 p.m.
U.S. Non Farm Payrolls	Oct 3, 8.30 a.m.	Oct 3, 1.30 p.m.	Oct 3, 8.30 p.m.
FOMC Minutes	Oct 8, 3.00 p.m.	Oct 8, 8.00 p.m.	Oct 9, 3.00 a.m.
China Balance of Trade	Oct 12, 11.00 p.m.	Oct 13, 4.00 a.m.	Oct 13, 11.00 a.m.
China Inflation Rate YoY	Oct 14, 9.30 p.m.	Oct 15, 2.30 a.m.	Oct 15, 9.30 a.m.
U.S. Inflation Numbers	Oct 15, 8.30 a.m.	Oct 15, 1.30 p.m.	Oct 15, 8.30 p.m.
China Industrial Production YoY	Oct 19, 10.00 p.m.	Oct 20, 3.00 a.m.	Oct 20, 10.00 a.m.
U.S. Fed Interest Rate Decision and Fed Press Conference	Oct 29, 2.00 p.m.	Oct 29, 6.00 p.m.	Oct 30, 2.00 a.m.
U.S. GDP Growth Rate QoQ	Oct 30, 8.30 a.m.	Oct 30, 12.30 p.m.	Oct 30, 8.30 p.m.
China NBS Manufacturing PMI	Oct 30, 9.30 p.m.	Oct 31, 1.30 a.m.	Oct 31, 9.30 a.m.
U.S. Core PCE Price Index	Oct 31, 8.30 a.m.	Oct 31, 12.30 p.m.	Oct 31, 8.30 p.m.

Source: CME Group, Quikstrike

Useful resources

CME FedWatch

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