June 2026 - Precious Metal Market News
Synopsis
It has become somewhat of a will-they-won't-they in the Middle-East, as peace looked to have been achieved before an immediate exchange of attacks between the US and Iran.
Elsewhere, a strong US dollar and fallout from expected Fed decisions have put pressure on precious metals for June.
Patience to Be Rewarded for Holders of Gold?
It's been a difficult month for gold, with the precious metal seeing another sharp drop as we entered the second week of June, seeing a month high on June 2nd £3,360.56 fall to £3,036.02 by the 11th, a drop of approximately 9.65%.
Things then saw somewhat of a rebound mid-month as it was reported that the US and Iran had agreed a deal to end the war [C1], with a promise of the Strait of Hormuz finally re-opening once the deal was signed on Friday, 19th June. However, things didn't go quite as plan and after further conflict, gold fell to the month low of £3,029.39, briefly seeing prices below £3,000 per ounce, the lowest level since November. [C2]
Despite all this, things haven't slowed down on the central bank level, as China's gold imports surged to the most in more than two years. [C3] whilst they also consider revisions to their gold import, export regulations.[C4]
Elsewhere, HSBC Private Bank suggests that patience should be rewarded for holders of gold. [C5]
Gold's year so far:
Low: £2,980.74
High: £4,063.58
Change Since Year Start: -5.63% (approximately)
Silver Mirrors Gold
Much like its golden cousin, Silver saw a sudden drop going into the second week of June. Starting with a month high of £56.83 per troy ounce, silver saw an initial drop down to £50.15 on the 8th, followed by a further fall to £46.75 on the June 11th.
After the mid-month rebound from the announced peace deal, silver then slumped to a month-low of £42.89 on the 26th, positive news for any stackers wanting to add more to their collection.
StoneX suggest that silver's weakening momentum relative to gold signals a potential shift in investor sentiment. [C6]
Silver's year so far:
Low: £42.31
High: £87.94
Change Since Year Start: -17.05% (approximately)
What to Expect For the Second Half of the Year?
Following the mixed signals of both bullish and bearish natures, and the on-again, off-again attitude of the US-Iran peace talks, it's beginning to feel like anyone's guess as to how things will really land.
Many of the world's largest financial institutions still stand-by their early forecasts, that the rally is waiting in the ranks for the signal from the war, and buying patterns do look to suggest the same. For now all we can do is wait and see however, it does look to be a tempting time to buy the dip.
Interested in more blogs? Check out our full range of articles including the Beginners Guide to Gold and Sovereign Guide.
Citations and Credit
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C1 - US and Iran agree deal to end war as Trump says Strait of Hormuz to reopen (article credit Mallory Moench via BBC News)
C2 - Gold set for worst quarterly loss in 13 years on hawkish Fed stance (article credit Sukanya Mitra for Reuters via CNBC)
C3 - China’s gold imports surge to most in more than two years (article credit Business Times)
C4 - China mulls revisions to gold import, export regulations (article credit Xinhua via China Daily HK)
C5 - Gold to consolidate after recent correction, but patience should be rewarded (article credit HSBC Private Bank)
C6 - Silver Weakness Signals a Shift in Precious Metals Risk (article credit StoneX Editorial Team via StoneX)
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