Wars And Trade Problems Push Gold & Silver Higher

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After reaching an all-time high of $3,498 on April 22nd, Gold saw profit-taking and aggressive selling that pushed the value to a low of $3,120 on May 15th. After May 15th, buyers clearly came back (Central Banks and large financial institutions), and the Gold price moved back to the $3,300 per ounce level. Last week, Gold traded between $3,270 and $3,356, closing the week at $3,290 per ounce, down $17 for the month of May.

Right now, the main drivers for the current Gold rally is the concern over the damage that U.S. Tariffs and trade wars with many countries will do to the U.S. economy. That concern has led to a serious drop in the U.S. Dollar’s value on the global stage. The geopolitical turmoil in Ukraine/Russia and Gaza has increased safe-haven investments.

What will happen to precious metals in June?
I believe during June the price of Gold and Silver will consolidate the 2025 gains and move higher. I expect to see Gold move over $3,400 and Silver above $35 this month. Platinum is showing some increasing demand based on reports that Chinese Jewelry manufacturers are starting to promote Platinum jewelry because the price is 1/3 the price of Gold.

Key Economic data to watch this week:
The week of May 27th to 30th, 2025
- Monday: April Construction spending, Auto Sales
- Tuesday: April Factory Orders
- Thursday: April U.S. Trade Deficit
- Friday: May U.S. Employment report, April Consumer credit

Today: The report of a massive Ukrainian drone strike inside Russia targeting four airbases and destroying more than 40 Russian aircraft and bombers is driving up Gold demand. This will cause Russian retaliation, killing any serious ceasefire talks. Plus, a weaker Dollar due to problems with trade and tariff talks with China is helping to drive the Gold price higher. Gold rallied $60 in early Asian trading, reaching a high of $3,350, and kept moving higher in London and U.S. trading.

Last week, Silver traded between $32.65 and $33.50 per ounce as it continues to consolidate recent gains. Silver closed the week at $32.90, down $0.50 per ounce for the week. The Ukrainian drone strike drove up the value of Silver to $33.50 in early Asian trading.

Today: Silver kept on moving higher with Gold this morning, reaching a high of $34.50 before seeing some profit taking.

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