June turned out to be quite a month for precious metals, with platinum putting on the kind of show that reminded everyone why this market stays interesting. The white metal jumped 27% in four weeks while gold took a breather and silver kept grinding higher.
Gold
Gold had a fairly quiet month after all the excitement earlier this year. Starting June at $3,378.38, it ended at $3,305.37 — down about 2.2% for the month. That might sound disappointing, but gold didn’t need to do much. It’s already up around 27% this year.
The big story was President Trump’s public criticism of Fed Chair Jerome Powell. Reports came out that Trump was considering replacing Powell, possibly as early as this fall. Markets don’t like that kind of uncertainty around the Federal Reserve, so the dollar got weaker and gold found some support.
Central banks kept buying, too, especially countries that want to own fewer dollars. David Meger from High Ridge Futures explained what was happening: “Gold has declined over the past few sessions due to de-escalation in the Middle East. Also, adding pressure was the anticipated interest rate cut, eagerly awaited by the market that continues to be delayed, amid rising inflation expectations driven by Trump-era tariffs.”
Gold spent most of June between $3,272 and $3,436, which shows there were plenty of buyers whenever it dipped. That’s important for anyone thinking about buying gold right now.
Silver
Silver had a better time than gold in June, starting at $34.74 and ending at $36.17 — up 4.1% for the month. The metal hit its highest levels since 2012 and is now up more than 20% for the year.
The Silver Institute says supply ran about 13% short of demand last year, and mine production keeps dropping in several countries, while not much silver gets recycled compared to gold. Solar companies can’t build panels without silver for the electrical connections. Car makers need more of it every year as vehicles pack in electronics. Computer chip makers use silver for AI applications, too.
The gold-to-silver ratio was around 91 to 1 in June. That’s pretty high compared to normal times. Back in 2023, it was closer to 60 to 1. When silver gets this cheap compared to gold, it usually catches up eventually.
Platinum
Platinum caught us (and everyone else) off guard with a 27% tailwind. It went from $1,073.08 to $1,362.32, hitting $1,415 at its highest point—the best level since 2014 and its strongest month since 1986.
Chinese buyers made a big difference. Gold got so expensive that Chinese jewelry shoppers started buying platinum instead. Platinum jewelry demand in China jumped 26% in the first quarter, while gold jewelry sales dropped 32%.
South African mines produce about 70% of the world’s platinum, but their output fell 13% compared to last year due to power outages, worker strikes, and equipment failures.
Palladium
Palladium rose 11.3% to $1,127.42 but faces a bigger challenge because electric cars don’t need palladium the way gas cars do. Some skeptics see it as a “one-trick pony” since most palladium goes into gas engine catalytic converters.
What’s Coming
July opened with precious metals still moving higher. Several things will determine where prices go from here.
Fed policy remains the biggest factor. If Trump keeps criticizing Powell or actually tries to replace him, that uncertainty would probably help gold. If the Fed cuts interest rates, that makes precious metals more attractive since they don’t pay dividends or interest.
Chinese buying patterns will matter a lot for platinum. Their Labor Day holiday just ended, so we’ll see if Chinese shoppers keep choosing platinum over gold. If they do, platinum could stay strong.
Supply issues aren’t getting resolved quickly. Silver’s industrial demand keeps growing every year. Platinum mines in South Africa still have serious problems. When supply can’t grow but demand does, prices usually rise.
For people thinking about precious metals storage, we see different opportunities with each metal right now.
Bottom Line
June proved that precious metals markets still have surprises. Gold stayed steady near its record highs while silver kept moving up gradually. But platinum delivered the month’s biggest story with its strongest performance in decades.
Supply shortages, Chinese buyers switching from gold to platinum, and people seeking other options beyond expensive gold all helped drive platinum’s rally. Whether it continues or takes a break depends on basic supply and demand, which still look tight.
For investors, June showed why it makes sense to own different precious metals rather than just gold. Each metal responds to different factors. Tracking daily spot prices helps you follow what’s happening in real time.
Spot price data based on CMI Gold & Silver’s daily spot price feed.
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