Precious Metals Prices

Precious metal prices increased 2.1% month on month in May, following April’s 6.6% rise.

Precious metal prices rose for the fifth straight month in May, bolstered by a weaker USD and healthy demand for jewelry and safe-haven assets, with prices for all four metals tracked by our panelists averaging higher in May vs April. However, President Trump’s erratic trade policy swings—with the surprise pullback of tariffs on China followed by threatened higher levies on the EU—underpinned sharp intra-month volatility in prices for gold. Meanwhile, platinum and palladium benefited from supply woes plus their price stability and affordability with respect to gold; in particular, recent data revealed a sharp rise in platinum demand among Chinese investors and jewelers.