June 2025 - Precious Metal Market News

Gold Market Insights

The price of gold in June 2025 was highly volatile, experiencing a significant pull-back towards the end of the month.

In mid-June, the price reached a monthly high of £2,548 per ounce before falling by 7% to £2,368 on Sunday, 29th June. It then began to rebound on 30th June, with the recovery continuing into July.

Figure 1 – Price of Gold (£) in June

What Were the Major Events That Impacted Gold?

These monthly events highlight the key moments which led to where the gold price has landed at the end of June.

Iran-Israel Conflict

An armed conflict between Iran and Israel began on Friday 13th June, when Israel launched a surprise attack on military and nuclear facilities in Iran. Shortly after gold increased to a monthly high as tensions rose between the two nations and U.S. president Trump furious. Just over a week later on Tuesday 22nd June, the United States Air Force and Navy attacked three nuclear facilities in Iran.

As a result, the price of gold retreated as the US Dollar gained strength following the strikes. Furthermore, on Monday 23rd June, Iran launched a limited missile attack on a U.S. military base in Qatar. President Trump later stated that the ceasefire between Israel and Iran was now in full effect.

Although the ceasefire was initially broken, gold prices fell in the latter part of the month as tensions eased between the nations.

Weaker Dollar

We're just over halfway through 2025, and the US dollar has witnessed its worst start in over a century. The currency has declined by more than 10 percent compared to other currencies of major trading partners.

On Monday, 30th June, gold prices began rising sharply due to a weakening US dollar, as investors prepared for forthcoming US economic data. This data is expected to influence whether the Federal Reserve reduces or maintains the current rate of 4.25%–4.50% for a fifth consecutive meeting.

In a recent development, Goldman Sachs increased its forecast, suggesting the Fed may cut rates by 0.75 percentage points, while UBS anticipates a 1% cut by the end of 2025.

Key Takeaway: As we enter July and the summer period, this could be a pivotal moment for gold. We'll be keeping an eye on it to see if gold enters a lull or trends upwards towards Goldman Sachs' forecast of $3,700 by year’s end.

Silver Market Insights

Silver had a breakout month, jumping by 10% to $37.31 per ounce and reaching a 13-year high in US dollars. In addition, silver priced in British pounds rose to £27.74, a level not seen since 2011.

Figure 2 – Price of Silver (£) in June

Shortage for Silver & Demand Remains High

The current demand for silver in 2025 suggests that this will be the fifth consecutive year in which the asset has outpaced supply. This trend is largely driven by strong industrial demand, particularly from the solar, electronics, and green technology sectors.

According to the World Silver Survey 2025, the global silver market is now facing a deficit of 117.7 million ounces, which could lead to more price increases in the future.

Key Takeaway: Silver’s position as both commodity and a store of value makes it highly responsive to shifts in economic confidence. Many analysts still predict that silver will rise to $40 by the end of the year or early 2026.

Platinum Market Insights

Platinum, the third most traded precious metal, made a strong move in June. Prices rose over 25%, reaching their highest level since 2014. At its monthly peak, platinum hit £1,046 per ounce, up from £771, a 35% increase.

Figure 3 – Price of Platinum (£) in June

What Were the Major Events That Impacted Platinum?

In June, the substantial rise in platinum prices was primarily driven by supply concerns and a wave of speculative buying.

The Impact of Chinese Investment

The current Chinese demand for investors and jewellery buyers is revealing the growing supply shortfall in the platinum market. Meanwhile, the cost of borrowing platinum remains unusually high, with one-month lease rates hovering around 13% annually, far above typical near-zero levels.

Key Takeaway: As platinum gains popularity, more investors are adding it to their bullion portfolios.

Geopolitical Developments

Russia Claims Control Over Luhansk Region

Russia has stated that it has advanced and now occupies the Luhansk region of Ukraine, claiming it has been fully liberated. If true, it would be the first Ukrainian region occupied by Russia after more than three years of war.

Conclusion: What to Look Out For in July

Stay tuned for our July update, and subscribe to our mailing list to receive timely insights into the world of precious metals.

• President Donald Trump’s 9th July tariff deadline is looming. This could have a significant impact on future Federal Reserve rate decisions and the price of precious metals.