Gold traded back above $4,500 per ounce in early June after recovering from a 1.18 percent decline on June 1, with a pullback in oil prices easing inflation concerns even as US-Iran negotiations remained deadlocked. Silver showed relative strength through the same stretch, easing just 0.30 percent to $75.58 per troy ounce.
Analysts tracking the sector describe firm price floors under all four major precious metals. Gold, silver, platinum, and palladium have each recovered quickly from selloffs this year, supported by supply and demand fundamentals that have held up against macroeconomic headwinds. With US equity indices at record levels, some institutional managers have trimmed defensive positions including gold, a rotation that could continue if diplomatic progress improves risk sentiment.
The June calendar gives traders several catalysts. Nonfarm payrolls arrive June 5 as a read on the US labor market. May consumer price index and producer price index releases follow June 10 and 11, showing whether inflation is still ticking upward. The Federal Reserve then meets June 16 and 17, with rate expectations remaining the dominant driver of metal prices denominated in dollars.
The interplay among geopolitical developments, currency markets, and energy prices is expected to remain the primary influence on precious metals pricing through the month.
Source: Investing News Network -- https://investingnews.com/precious-metals-price-update/