Gold traded at $4,460 per ounce as of June 1, 2026, reflecting a $78 decline from the prior day but remaining 34.99% higher than the same period one year ago when the metal was priced at approximately $3,304 per ounce. Silver stood at $74 per ounce on the same date, while platinum traded at $1,918 and palladium at $1,346, according to Fortune's daily spot pricing data.
The precious metals complex has pulled back from record highs set in January 2026 but remains well above the levels that prevailed before the escalation of conflict involving the Strait of Hormuz, which disrupted oil shipments and global risk sentiment simultaneously. Gold has been trading with characteristics of a risk asset in recent months, showing a negative correlation with oil prices as investors weigh whether higher energy costs from the conflict could sustain elevated interest rates and reduce gold's relative appeal.
Despite the near-term volatility, structural support for gold prices remains firm. A 2025 survey indicated that 95% of central banks expect global gold reserves to increase in 2026, providing ongoing institutional demand underpinning. JPMorgan Global Research projects gold could trade between $4,300 and $4,725 in June, with price direction tied closely to developments around the Hormuz dispute and Federal Reserve rate expectations. Long-term forecasts from multiple institutions project gold approaching $5,000 per ounce by Q4 2026.
Source: Fortune -- https://fortune.com/article/current-price-of-gold-06-01-2026/