Key Takeaways:
Spot gold rose 3.44% to $4,212.34/oz and silver jumped 6.03% to $67.18/oz at the New York close on Thursday, as a broad-based rally swept across precious and industrial metals.
The coordinated move began after 01:38 ET, with all five major metals breaking higher within a two-hour window, according to exchange data. COMEX gold futures settled at $4,231.90/oz, up 2.38%, while COMEX silver futures gained 5.85% to $67.255/oz. COMEX copper rose 3.07% to $6.387/lb. Spot platinum added 3.27% to $1,719.67/oz and palladium climbed 4.59% to $1,273/oz.
The rally came after silver earlier touched an 11-week low of $61.50/oz and gold had tested support near $4,040/oz. The turnaround coincided with ongoing US-Iran hostilities and fresh US inflation data showing producer prices rose 1.1% in May, the largest monthly gain since November 2022, according to the Bureau of Labor Statistics. Core wholesale prices rose 0.4% month-over-month and 4.9% from a year earlier. Initial jobless claims climbed to 229,000 for the week ending June 6, up 4,000 from the prior week.
Silver's 6% gain marked its largest single-day advance in months, recovering from a 47% drawdown from its January all-time high of $121.75/oz. The metal had closed below its 200-day moving average on June 9 for the first time since April 2025, a technical breakdown that preceded the sharp reversal. Gold's move above $4,200/oz puts it back above the $4,100-to-$4,154 resistance zone that had capped upside in recent sessions, with bulls now targeting the $4,194-to-$4,250 range.
Silver at $67.18/oz remains 45% below its January peak, while gold at $4,212/oz is about 3% below its own all-time high. Among precious metals peers, platinum at $1,719.67/oz has recovered 12% from its May low, while palladium's 4.59% gain to $1,273/oz marks its strongest session in three weeks. Copper's 3.07% rise to $6.387/lb signals expectations for sustained industrial demand even as the Fed's rate outlook remains uncertain, with a quarter-point hike by December still fully priced in. WTI crude traded near $91/bbl and Brent near $93.35/bbl, reflecting the energy-inflation channel from the Middle East conflict.
This article is for informational purposes only and does not constitute investment advice.
