Gold Could Start Climbing Toward 5,000, Says Standard Chartered's Cooper

Watch on YouTube ↗  |  August 03, 2026 at 19:09  |  4:22  |  Bloomberg Markets
Speakers
Suki Cooper — Global Head of Commodities Research, Standard Chartered

Summary

Standard Chartered's Suki Cooper sees gold resuming its climb toward $5,000, supported by central bank buying, portfolio diversification, and a durable floor near $4,000 despite higher yields and weak ETF positioning. She also points to copper, silver, and platinum as beneficiaries of the AI infrastructure boom, though silver faces an offset from solar substitution risk.

  • Gold structural drivers (central bank buying, portfolio diversification) remain intact and are expected to push prices higher.
  • Gold has absorbed higher rate expectations and established a floor around $4,000.
  • Standard Chartered targets gold at $4,200 Q3 average and $4,650 Q4, with a retest of $5,000.
  • Copper is identified as the metal most leveraged to the AI infrastructure boom.
  • Silver and platinum are also seen benefiting from AI demand, though silver faces substitution risk from solar
  • Loss-making ETF positioning and seasonal consumption weakness are near-term headwinds but gold is holding well.
Ideas
Suki Cooper Global Head of Commodities Research, Standard Chartered 0:10
Gold to climb to $5,000 on structural demand
Gold's structural drivers—central bank buying, portfolio diversification, and investor appetite to rebuild positions—remain intact. The metal has already priced in higher rate expectations and other macro headwinds. Despite seasonally weak demand and loss-making ETF positioning, gold has held well around $4,000, establishing a durable floor. Standard Chartered sees a Q3 average of $4,200 and Q4 average of $4,650, with a slower climb toward retesting $5,000.
GLD HIGH
Suki Cooper Global Head of Commodities Research, Standard Chartered 3:39
Copper benefits most from AI infrastructure boom
Copper is the metal most exposed to the upside from the AI infrastructure boom. The analyst states that across metals broadly, it is really copper where a lot of that AI demand is playing out.
COPPER LOW
Suki Cooper Global Head of Commodities Research, Standard Chartered 3:44
Platinum demand growth from AI infrastructure
Platinum is expected to see strong demand growth on the back of AI infrastructure demand, along with silver, making it one of the precious metals most exposed to the AI upside.
PPLT MED
Suki Cooper Global Head of Commodities Research, Standard Chartered 3:49
AI drives silver demand, solar substitution a risk
AI infrastructure could boost silver demand through higher content, but substitution risk from the solar industry may offset some of those gains, creating a murky industrial outlook. Still, strong demand growth for silver is expected on the back of AI demand.
SILVER MED
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This Bloomberg Markets video, published August 03, 2026, features Suki Cooper discussing GLD, COPPER, PPLT, SILVER. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Suki Cooper  · Tickers: GLD, COPPER, PPLT, SILVER