June 2, 2026

Market Overview 27-05-2026 to 02-06-2026

Precious Metals Market – Prices Move Higher

Last week, the major precious metals markets recorded price growth. This was partly driven both by prolonged geopolitical crises and by investor uncertainty regarding the future policy of the central banks of the world’s major economies. Despite the decline in oil prices, elevated inflation indicators continue to maintain investor concerns and the possibility of higher interest rates.

From May 27 to June 2, the global gold price increased by more than 1.7% and reached $4,532 per troy ounce.

The growth in gold prices following the corrections seen in May was driven by prolonged uncertainty surrounding the US-Iran war. On Monday, Iranian media reported that Tehran had suspended peace talks with the United States due to the latest Israeli attacks in Lebanon. The failure to reach a peaceful compromise increases the threat of a large-scale war in the Middle East and may contribute more significantly to rising precious metals prices.

On the other hand, there is no shortage of conflicting news regarding the US-Iran negotiations. US President Donald Trump stated that talks between the two countries are continuing and suggested that the United States could reach a memorandum of understanding with Iran as early as next week regarding the reopening of the Strait of Hormuz.

From May 27 to June 2, the global silver price increased by more than 2.1% and reached $76.28 per troy ounce.

The growth of the silver market has recently been partly supported by lower oil prices. As fragile signs of stabilisation in the energy sector emerge, while at the same time a real risk of further escalation of the US-Iran conflict remains, some investors are becoming more inclined to invest in silver – a metal actively used both for investment purposes and in industrial production.

On the other hand, the prolonged US-Iran crisis and record-high inflation indicators in the United States continue to support a real risk of a Federal Reserve interest rate hike. If the period of high inflation in the United States persists and the Federal Reserve raises interest rates, a strengthening US dollar and rising yields on US government securities could trigger more pronounced corrections in gold, silver and other precious metals denominated in US dollars.

From May 27 to June 2, the global palladium price recorded minor changes. On June 2, the palladium price reached $1,384 per troy ounce.

At the same time, the global platinum price increased by more than 1.5% and reached $1,959 per troy ounce.

The global copper price increased by more than 3% from May 27 to June 2 and reached $13,946 per tonne.