May 12, 2026

Market Overview 06-05-2026 to 12-05-2026

Different Price Movements in the Precious Metals Market

Last week, the main precious metals markets experienced significantly different price movements. These were driven by contradictory economic news from the United States, complicated negotiations between the United States and Iran, as well as the extreme situation in the energy sectors of certain countries.

From May 6 to May 12, the global gold price increased by more than 0.5% and reached USD 4,716 per troy ounce. The average gold price in May stands at USD 4,681 per troy ounce.

Weak gold price growth at the beginning of May was influenced by the latest U.S. economic data. Reports indicate that inflation in the United States reached 3.8% in April this year. This is the highest level since May 2023.

Higher-than-expected inflation and the increase in energy costs triggered by the U.S.-Iran war also reduced the likelihood of Federal Reserve interest rate cuts. If the U.S. does not reduce interest rates in the near future, this decision may negatively affect the attractiveness of investment assets denominated in U.S. dollars (gold, silver, etc.) for holders of foreign currencies.

On the other hand, the attractiveness of gold as an investment asset has recently been supported by the problematic situation in the U.S.-Iran war. President Donald Trump described Iran’s latest peace proposal as “bad” and “very stupid” and ominously hinted that the ceasefire between the United States and Iran is currently extremely fragile.

From May 6 to May 12, the global silver price increased by more than 11.8% and reached USD 86.57 per troy ounce. The average silver price in May stands at USD 77.03 per troy ounce.

The recent increase in silver prices has been driven both by record-high oil prices and by the problematic situation in the energy sectors of certain countries.

Investors and speculators reacted sensitively to the news that on May 11 the Peruvian Presidential Palace granted emergency financial assistance to the state-owned oil company Petroperú through a special decree. News regarding challenges in the country’s energy sector is highly relevant to the global silver mining and supply chain. Recently, Peru has ranked second globally by silver production volumes (in 2025, the country accounted for approximately 14% of global silver production).

The global palladium price fell by more than 2% from May 6 to May 12 and reached USD 1,497 per troy ounce. The average palladium price in May stands at USD 1,515 per troy ounce.

The global platinum price declined by more than 3.2% from May 6 to May 12 and reached USD 2,130 per troy ounce. The average platinum price in May stands at USD 2,015 per troy ounce.

The global copper price increased by more than 5.5% from May 6 to May 12 and reached USD 14,141 per tonne.