May 19, 2026

Market Overview 13-05-2026 to 19-05-2026

Precious metals market – price decline

Last week, the major precious metals markets experienced a period of price decline. This was driven by growing speculation regarding possible Federal Reserve interest rate hikes, contradictory geopolitical news, and investor uncertainty while awaiting further economic signals.

From May 13 to May 19, the global gold price fell by 3.1% and reached USD 4,543 per troy ounce.

The decline in gold prices was partly driven by optimistic news regarding the US-Iran war. Although the countries have still not reached a long-term peace agreement, Donald Trump stated that the US military had paused the attack on Iran planned for Tuesday. The US president also stated that the decision was made at the request of Gulf states amid “intensive negotiations”.

Despite short-term corrections, a larger decline in gold prices is being avoided due both to the uncertain future of the US-Iran crisis and to investment-friendly central bank decisions supporting precious metals. Reports indicate that China’s central bank increased its gold reserves for the 18th consecutive month in April this year. It is also reported that this monthly purchase was the largest since December 2024.

From May 13 to May 19, the global silver price fell by more than 13.4% and reached USD 75.73 per troy ounce.

The decline in silver prices was driven both by the end of temporary market speculation and by pessimistic expert forecasts.

At the beginning of May, silver prices experienced strong growth as markets were alarmed by challenges in Peru’s energy sector. In this country, which accounts for around 14% of global silver production, the state-owned oil company Petroperu, which is struggling with a financial crisis, received emergency financial support from the Peruvian government.

Fearing rising silver production costs and temporary mine shutdowns, investors and speculators rushed to increase their silver positions. However, as initial fears subsided, silver prices experienced a sharper decline.

The correction was also influenced by pessimistic revisions to some analysts’ forecasts. UBS — one of the world’s largest and most influential banks — revised its 2026 forecast, stating that the projected global silver deficit is now estimated at 60–70 million rather than 300 million troy ounces. The updated price forecast also suggests that the global silver price is expected to reach not USD 85, but USD 80 per troy ounce by the end of 2026.

From May 13 to May 19, the global palladium price declined by around 6.9% and reached USD 1,400 per troy ounce.

From May 13 to May 19, the global platinum price declined by more than 8% and reached USD 1,968 per troy ounce.

From May 13 to May 19, the global copper price declined by more than 4.3% and reached USD 13,474 per tonne.