Precious metals posted sharp broad-based losses on June 5, 2026, as a stronger-than-expected May U.S. nonfarm payrolls report extinguished Federal Reserve rate-cut expectations and sent the U.S. Dollar Index higher. Gold declined $146.50, or 3.27%, settling at $4,339.61 per troy ounce. Silver fell $5.26, or 7.17%, to $68.57 per troy ounce. Platinum retreated $117.60, or 6.20%, to $1,792.90. Palladium fell $83.10, or 6.34%, to $1,247.25.
The May payrolls figure exceeded consensus estimates by a significant margin, signaling continued labor market strength and raising the prospect of Federal Reserve rates staying elevated longer than markets had priced. In direct response, the DXY advanced 0.65%, Treasury yields rose, and bond prices fell. For non-yielding precious metals, the combination created a compounding headwind. Gold traded in an intraday range of $4,311.86 to $4,481.65.
Silver's steeper percentage decline relative to gold reflects its dual identity as both a monetary and industrial commodity. In addition to monetary headwinds from the employment data, silver faced pressure from deteriorating industrial demand sentiment as global equities posted their worst single-session loss since April 2025. The Nasdaq Composite fell 4.18% on the session. S&P 500 futures declined 3.07% and Nasdaq 100 futures fell 5.44%.
West Texas Intermediate crude retreated 3.00% to $90.25 per barrel despite continued Israeli military activity in Lebanon following a ceasefire agreement. Softer oil prices reduced energy-linked inflation expectations, removing a key tailwind narrative for gold. Analysts noted that central bank accumulation and persistent geopolitical uncertainty remain the structural demand floor, and the session's correction may represent a recalibration from elevated price levels rather than a fundamental reversal in supply-and-demand dynamics.
Learn more about content strategy for investment firms