June 23, 2026

Market Overview 17-06-2026 to 23-06-2026

A Decline in Precious Metals Markets

Last week, the major precious metals markets experienced a more pronounced price decline. Investor uncertainty regarding the future of precious metals was undoubtedly fuelled by both changing interest rate forecasts and the gradual stabilisation of the trade situation in the Middle East.

From June 17 to June 23, the global gold price fell by approximately 3.2% and reached $4,119 per troy ounce.

The decline in gold prices has been partly driven by the changing monetary policy of central banks. The European Central Bank raised interest rates in early June. Based on the latest comments from ECB officials, it is likely that the institution will increase interest rates at least one more time this year.

Rising interest rates are also increasingly expected across the Atlantic. In response to the results of the Federal Open Market Committee (FOMC) meeting and the position of Federal Reserve Chair Kevin Warsh, analysts from two major banks are forecasting higher U.S. interest rates.

According to Bank of America specialists, the Federal Reserve could increase interest rates as many as three times this year — in September, October and December. Meanwhile, Deutsche Bank analysts expect two 0.25 percentage point rate hikes: one in September and another in December.

If these forecasts for the U.S. market materialise, rising interest rates could significantly strengthen the U.S. dollar, boost demand for U.S. government securities and make dollar-denominated precious metals (gold, silver and others) a less attractive investment option for holders of foreign currencies.

The global silver price declined by more than 8% between June 17 and June 23, reaching $62.4 per troy ounce.

The sharp decline in silver prices was driven not only by significant changes in central bank policy. Markets also assessed the economic situation in the Middle East.

As the United States and Iran actively pursue a peace agreement, representatives of both countries approved a roadmap aimed at reaching a final agreement within 60 days. Washington granted Iran a 60-day licence allowing it to sell oil on international markets.

Partial progress is also being observed in the Strait of Hormuz. Although both the United States and Iran continue to provide conflicting comments regarding the strait’s openness to international trade, traders remain cautiously hopeful that the Strait of Hormuz — a vital route for global oil transportation — will gradually return to its pre-war shipping activity levels.

Economic developments related to oil trade and transportation indirectly affect certain metals. Optimistic news also contributed to the correction in silver prices, as silver is actively used both for investment purposes and in industrial manufacturing.

The global palladium price declined by more than 5.6% between June 17 and June 23, reaching $1,232 per troy ounce.

The global platinum price declined by more than 5.6% between June 17 and June 23, reaching $1,641 per troy ounce.

The global copper price fell by more than 2.6% between June 17 and June 23, reaching $13,463 per tonne.