May 26, 2026

Market Overview 20-05-2026 to 26-05-2026

Precious metals market: winds of change

Over the past week, there has been no shortage of news that could significantly affect the long-term price dynamics of major precious metals. Investors clearly evaluated both factors such as the reduced likelihood of further interest rate hikes and developments such as growing geopolitical threats amid ongoing international negotiations. When analysing the current dynamics of precious metal prices, attention is also being paid to unconventional metal import decisions made by certain countries.

The global gold price recorded minimal changes from May 20 to May 26. On May 26, the price of gold stood at 4,532 USD per troy ounce.

The changing dynamics of gold prices have recently been partially driven by conflicting news surrounding the US-Iran war. US President Donald Trump stated that the ongoing peace negotiations between the countries were “proceeding nicely”, but also warned that additional attacks could follow if the talks collapsed.

Despite discussions about diplomatic progress, active military operations in the Middle East region continue. Reports indicate that on Monday, US forces attacked missile launch sites in southern Iran and struck vessels attempting to deploy mines.

It is likely that larger gold price corrections are currently being prevented by temporary stabilization in the context of central banks’ monetary policy. As fragile progress in US-Iran negotiations and partial stabilization in the region are being observed, global oil prices have recorded a more noticeable decline since mid-May. This is reducing the risk of high inflation and the likelihood that central banks will sharply raise interest rates in the US and other markets.

If the Federal Reserve does not raise interest rates, such a decision could increase the investment attractiveness of US dollar-denominated precious metals (gold, silver, etc.) for holders of foreign currencies.

The global silver price increased by approximately 0.8% from May 20 to May 26, reaching 76.47 USD per troy ounce.

The global palladium price rose by more than 0.3% from May 20 to May 26, reaching 1,380 USD per troy ounce.

Following the price corrections observed in May and the stabilization of palladium prices, investors are highlighting at least several favourable market developments. One of them is record palladium purchasing activity in the Chinese market. Reports indicate that this April, China imported as much as 8.6 tonnes of palladium (nearly three times more than usual for this period).

Markets also reacted positively to forecasts presented by analysts at JPMorgan Chase & Co.. Experts from one of the world’s largest banks shared insights suggesting that palladium prices could reach 1,600 USD per troy ounce in the fourth quarter of this year.

The global platinum price recorded minimal changes from May 20 to May 26, reaching 1,953 USD per troy ounce.

The global copper price also recorded minimal changes from May 20 to May 26. On May 26, the global copper price reached 13,671 USD per tonne.