Precious Metals Prices

Precious metal prices decreased 2.1% month on month in May, following April’s 3.0% fall.

The average price of the precious metals complex declined for the third straight month and was the only commodity group to see lower prices in May. Gold, platinum and palladium recorded losses, while silver posted gains for the first time in four months. Tensions in the Middle East pushed energy prices higher, fueling inflation concerns and prompting markets to scale back expectations for Federal Reserve rate cuts—a headwind for non-yielding precious metals. Still, supply constraints helped limit losses. In the case of silver, prices rose on strong industrial demand alongside concerns that Peru’s energy problems could hit the country’s mine production.