Short-term futures traders took profits heavily after a recent rally. The rise in the US stock market partly made the silver market less attractive.

The September Silver Futures contract continued to rise, with a closing price of $30.913 per troy ounce on July 8, down 2.45% from the previous week.

Platinum prices dropped sharply in the first session of the week, despite concerns about shortages. The Guangzhou Futures Exchange announced plans to launch the first platinum and palladium futures contracts in China, the world's second-largest economy, to provide domestic price hedging mechanisms.

The October Platinum Futures contract experienced a significant decline, with a closing price of $1,013.5 per troy ounce on July 8, down 3.11% from the previous week.

The September Copper Futures contract also fell, with a closing price of $4.62 per pound on July 8, down 0.73% from the previous week.