Gold and silver markets have entered a period of unusually narrow price movement despite persistent economic and geopolitical uncertainty. As of July 2026, bearish technical signals are appearing while physical demand, exchange traded fund holdings and speculative positioning remain subdued. Rhona O'Connell's direct assessment of activity across retail and professional precious metals markets shows that participants are reluctant to take meaningful directional positions. Stable prices may be concealing pressure that could produce a much larger move once conviction returns.
Rhona O'Connell, StoneX Head of Market Analysis for EMEA and Asia, leads metals market analysis across major physical and financial trading regions. Her perspective combines fundamental precious metals research with direct observation of retail demand, institutional positioning, central bank activity and international bullion flows.
Key Themes
Gold and silver prices remain within narrow ranges even as bearish technical signals emerge.
Retail bullion demand is weak across the Middle East, South Asia and China.
Central bank gold buying provides support while exchange traded fund holdings and speculative positions decline.
Precious Metals Stability Conceals Building Price Pressure
Gold and silver price stability is becoming increasingly fragile as narrow trading ranges persist without renewed investor participation. O'Connell explains that "the markets are building up a head of pressure, and when they move, they'll probably move quite dramatically". This compression does not indicate whether the eventual move will be higher or lower, but it confirms that current calm should not be mistaken for market confidence. Investors face a period in which low realized volatility may give way to a rapid repricing once monetary policy, geopolitical risk or physical demand provides direction.
Weak Bullion Demand Limits Gold and Silver Conviction
Physical gold and silver demand is failing to recover even though prices have remained broadly steady. O'Connell notes that "there's very little activity in the Middle East or in South Asia" and that Shanghai is trading at only a minimal premium to London. Coin markets are particularly weak, with silver coins being sold back and metal returning to refineries, while gold bars are also struggling to attract meaningful buying. As a result, precious metals markets lack the retail demand response that would normally reinforce a stable price floor and encourage broader participation.
Central Bank Buying Supports Gold Through Investor Caution
Central bank demand is providing gold with a source of support that silver does not share to the same degree. O'Connell states that the National Bank of Poland has bought 82 tonnes of gold this year and is seeking to increase its holdings from roughly 630 tonnes to 700 tonnes. She also identifies several central banks that continue to add consistently to their reserves, confirming that official sector demand is helping to place a floor beneath gold prices. Conversely, declining exchange traded fund holdings and lighter speculative positioning show that private investors remain cautious, leaving gold dependent on central bank purchases while silver faces additional pressure from its industrial exposure.
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--- Written by Frédéric Guétin, StoneX TV Producer
--- Expert: Rhona O'Connell, StoneX Head of Market Analysis, EMEA and Asia
Precious Metals
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