June 16, 2026

Market Overview 10-06-2026 to 16-06-2026

Unexpected News in Precious Metals Markets

Last week brought no shortage of both financial and geopolitical developments that could contribute more significantly to price changes in the major precious metals markets over the long term.

As the world observed unexpected geopolitical developments in the Middle East, the European Central Bank decided to raise interest rates for the first time in a long period. Considering declining geopolitical tensions and record-high interest from central banks in certain precious metals, the uncertainty of the situation is also reflected in the constantly changing price charts of precious metals.

Last week, the global gold price increased by more than 6.7% and reached USD 4,345 per troy ounce.

The rise in gold prices is partly driven both by the reduction of geopolitical risks and by the evident interest of central banks in this precious metal.

Assessing geopolitical developments, investors were undoubtedly reassured by the news of a diplomatic peace agreement between the United States and Iran. It is reported that the document, which among other provisions commits to ending the US blockade of Iranian seaports and reopening the Strait of Hormuz to shipping, has already been signed electronically. The official signing ceremony will take place this Friday in Switzerland.

The rise in gold prices is supported not only by recent geopolitical events but also by favourable central bank policies. In May of this year, the People’s Bank of China increased its national gold reserves for the 19th consecutive month. In addition, a survey of representatives from 74 central banks found that as many as 45% of respondents stated that their institution plans to increase its gold reserves over the coming year. Only one central bank indicated plans to reduce its gold holdings.

The global silver price increased by more than 11% between June 10 and June 16, reaching USD 70.58 per troy ounce.

The sharp increase in silver prices was undoubtedly supported by the US-Iran peace agreement. Silver is a precious metal actively used both for investment purposes and in industrial manufacturing. For this reason, the reopening of the Strait of Hormuz to shipping and the sharp decline in oil prices following the peace agreement are also contributing to the rise in silver prices.

On the other hand, sceptics are reluctant to predict stable long-term growth in silver prices. Last week, the European Central Bank made the decision to raise interest rates for the first time since 2023.

In addition, given elevated US inflation indicators and the favourable condition of the country’s labour market, the likelihood of seeing Federal Reserve interest rate cuts this year remains minimal. If Federal Reserve rates remain unchanged, dollar-denominated precious metals (gold, silver, etc.) may face increased competitive pressure from attractive US government investment assets such as Treasury bonds.

The global palladium price increased by more than 11% between June 10 and June 16, reaching USD 1,356 per troy ounce.

The global platinum price increased by more than 8.2% between June 10 and June 16, reaching USD 1,803 per troy ounce.

The global copper price increased by more than 2% between June 10 and June 16, reaching USD 13,732 per tonne.