Mining stocks rally comes to abrupt halt as copper, silver prices plummet and gold slides

AI desk brief

Gold, silver, platinum and palladium sold off sharply as a hot U.S. producer price report and Brent above $105/barrel lifted the odds of a Fed hike next week to about 70%, while Treasury yields and the dollar firmed. December gold fell as much as 2.1% to $4,365.40/oz before recovering to $4,391, while December silver dropped as much as 6.1% to $64.455/oz; platinum and palladium each lost more than 6%.

The move came alongside a broader metals rout after reports that the White House copper tariff plan has stalled, unwinding a crowded trade that had pulled 695,624 tonnes into Comex warehouses. Gold remains pinned around $4,400 as traders weigh the Fed path, with UBS saying a September hike would likely trigger only a knee-jerk correction and Augmont seeing $4,300-$4,500 as the near-term range.