May 5, 2026

Market Overview 29-04-2026 to 05-05-2026

Important developments in the precious metals market

Although the main precious metals markets avoided significant price movements last week, there was no shortage of news that could have a more pronounced impact on the market in the near future. Investor attention was drawn both to the latest escalations in geopolitical conflicts and to conflicting news in the metals supply–demand sphere.

The global gold price experienced slight changes from April 29 to May 5. On May 5, the gold price reached USD 4,555 per troy ounce. The average gold price in May stands at USD 4,636 per troy ounce.

More pronounced movements in gold prices in the near term may be driven by further escalations in the US–Iran conflict. As the governments of both countries have not yet reached a long-term peace agreement, the past week has also seen more notable incidents that could contribute to an escalation of military actions.

United States military forces, escorting two US-flagged commercial vessels through the Strait of Hormuz, destroyed several Iranian missiles, drones, and small vessels during clashes. Meanwhile, the United Arab Emirates reported intercepting cruise missiles launched by Iran. There are also reports of a fire at the Fujairah Oil Industry Zone in the UAE; local authorities state that the fire was caused by an Iranian drone strike.

The global silver price increased by more than 3.3% from April 29 to May 5, reaching USD 73.69 per troy ounce. The average silver price in May stands at USD 73.14 per troy ounce.

The global palladium price increased by more than 3.3% from April 29 to May 5, reaching USD 1,509 per troy ounce. The average palladium price in May stands at USD 1,529 per troy ounce.

The global platinum price increased by more than 5.2% from April 29 to May 5, reaching USD 1,981 per troy ounce. The average platinum price in May stands at USD 1,990 per troy ounce.

The global copper price increased by more than 0.6% from April 29 to May 5, reaching USD 13,074 per tonne.

Copper price growth in the short term is being strongly supported by the US–Iran conflict and the resulting significant rise in oil prices. However, although no sharper corrections have been observed recently, there are also signs in the markets indicating a potential decline in copper prices.

While copper prices have recently been supported by lower inventories on the Shanghai Futures Exchange, it is also observed that copper stocks in warehouses monitored by the London Metal Exchange remain close to their highest levels since 2013.

Investor caution is also driven by the uncertain long-term geopolitical situation. If the global economy faces a more pronounced slowdown due to the conflict involving Iran, this could significantly affect copper demand and its outlook. In a pessimistic scenario, analysts at JPMorgan Chase estimate that copper prices could fall to USD 11,100–11,200 per tonne.