Precious and industrial metals posted broad gains in the week ending April 28, 2026, with palladium leading the complex on news that a major South African producer declared force majeure at its processing facility. Here is a full breakdown of weekly performance across the metals spectrum.

Precious Metals Performance

Gold rose $79.40, or 2.3%, to close the week at $3,495.80 per troy ounce. The move was supported by dollar weakness — the DXY index fell 0.8% — and continued central bank buying flows. Trading volumes were above the 90-day average every session.

Silver gained $2.15, or 5.8%, to $37.85 per troy ounce, its best weekly performance since November 2025. The gold/silver ratio compressed to 92.3 from 96.5 at the prior week's close. ETF inflows were the primary driver on Monday and Tuesday; industrial buying took over later in the week.

Platinum added $31.20, or 3.2%, to close at $1,012.50 per troy ounce — its first close above $1,000 since January 2026. Hydrogen fuel cell demand commentary from Hyundai and Toyota at the Seoul Mobility Show reinvigorated investor interest in the metal's long-term industrial thesis.

Palladium surged $198.40, or 5.1%, to $4,086.00 per troy ounce, the largest weekly gain in the precious metals complex. Impala Platinum declared force majeure on palladium deliveries from its Rustenburg smelter following a furnace failure, removing an estimated 8,000 ounces per week from near-term supply. Palladium remains the tightest-supplied platinum group metal market globally.

Industrial Metals

Copper rose 1.7% to $4.82 per pound, supported by stronger-than-expected Chinese manufacturing PMI data (51.3 vs. 50.1 consensus) and inventory draws at LME warehouses of 12,400 tonnes over the week.

Aluminum gained 1.1% to $2,720 per tonne as the European Union announced new tariffs on primary aluminum imports, tightening domestic supply. Recycled scrap premiums also rose, reflecting strong automotive sector demand.

Nickel was the notable underperformer, falling 0.9% to $16,840 per tonne. Indonesian nickel pig iron output data showed a 4.2% increase month-over-month, adding to a well-supplied market that has suppressed prices since the 2022 short-squeeze spike.

Market Context

The broader backdrop remains supportive for precious metals. U.S. core PCE inflation printed at 2.8% year-over-year for March, above the Federal Reserve's 2% target and reinforcing the case for delayed rate cuts. The dollar weakened modestly against major currencies, providing a tailwind for dollar-denominated commodity prices. With the Fed meeting on May 7, markets will be watching closely for any shift in the rate path language.