Gold prices recovered ground in early June trading, rebounding to roughly $4,523 per ounce as U.S. equities pulled back and investors weighed the rising probability of a Federal Reserve interest rate increase before year-end. Silver advanced alongside the metal, gaining close to 1.9 percent to trade near $76.67 per ounce, according to market data reported by USAGOLD on June 2.
The recovery followed a stretch of pressure on precious metals. CME Group's FedWatch tool showed a roughly 40 percent probability of a December rate hike, the highest reading in months, as U.S. inflation accelerated amid an energy price shock tied to renewed conflict in the Middle East. Higher interest rates typically weigh on gold and silver because the metals pay no yield, and analysts noted that record-level U.S. equity indices had prompted some institutional managers to trim positions in defensive assets.
Geopolitical developments remained a counterweight. Optimism around U.S.-Iran negotiations faded after Iran halted communications with Washington following strikes near the Strait of Hormuz, a development that pushed crude oil sharply higher and revived safe-haven demand for bullion.
Market forecasters expect gold to trade in a wide band this month. Analysts cited in recent outlooks projected a likely June range of roughly $4,300 to $4,725 per ounce, with seasonal softness in jewelry fabrication demand cited as a factor that historically pressures prices during early summer.
Source: USAGOLD -- https://www.usagold.com/daily-precious-metals-market-report-june-2-2026/