1446 ET – The World Gold Council says gold had an essentially flat month as tariff uncertainty that typically drives safe haven purchases was offset by investor outflows from ETFs. This left gold up roughly 1% for the week, the second week out of the last three that gold futures closed higher. For the day, gold finished down 0.8% to $3,322.70 per troy ounce after a week of turmoil that included a phone call between President Trump and Chinese president Xi aimed at easing trade tensions. Trump said Xi invited him to visit China and that he reciprocated the offer.( kirk.maltais@wsj.com )
Comex Gold Ends the Week 1.03% Higher at $3322.70
Front Month Comex Gold for June delivery gained $33.80 per troy ounce, or 1.03% to $3322.70 this week
–Up two of the past three weeks
—Today it is down $28.00 or 0.84%
–Largest one day dollar and percentage decline since Friday, May 30, 2025
–Down for two consecutive sessions
–Down $50.80 or 1.51% over the last two sessions
–Largest two day dollar and percentage decline since Wednesday, May 28, 2025
–Down three of the past four sessions
–Lowest settlement value since Friday, May 30, 2025
–Off 2.60% from its 52-week high of $3411.40 hit Tuesday, May 6, 2025
–Up 44.52% from its 52-week low of $2299.20 hit Wednesday, June 26, 2024
–Rose 44.14% from 52 weeks ago
–Off 2.60% from its 2025 settlement high of $3411.40 hit Tuesday, May 6, 2025
–Up 25.94% from its 2025 settlement low of $2638.40 hit Monday, Jan. 6, 2025
–Off 2.60% from its record high of $3411.40 hit Tuesday, May 6, 2025
–Year-to-date it is up $693.50 or 26.38%
All prices are calculated based on the settlement price of the current front month contract.
Source: Dow Jones Market Data, FactSet
Comex Silver Ends the Week 9.53% Higher at $36.025
Front Month Comex Silver for June delivery gained $3.1330 per troy ounce, or 9.53% to $36.025 this week
–Largest one week gain since the week ending Aug. 7, 2020
–Largest one week percentage gain since the week ending Sept. 13, 2024
–Up two of the past three weeks
—Today it is up 33.60 cents or 0.94%
–Up for three consecutive sessions
–Up $1.522 or 4.41% over the last three sessions
–Largest three day dollar and percentage gain since Wednesday, June 4, 2025
–Up four of the past five sessions
–A new 52-week high
–Highest settlement value since Tuesday, Feb. 28, 2012
–Up 34.27% from its 52-week low of $26.83 hit Wednesday, Aug. 7, 2024
–Rose 22.81% from 52 weeks ago
–Up 23.73% from its 2025 settlement low of $29.116 hit Friday, April 4, 2025
–Off 26.03% from its record high of $48.70 hit Thursday, Jan. 17, 1980
–Year-to-date it is up $7.085 or 24.48%
All prices are calculated based on the settlement price of the current front month contract.
Source: Dow Jones Market Data, FactSet
Gold Futures Slide After Jobs Data Surprises to Upside
1533 GMT – Gold futures fall after crucial U.S. employment data came in hotter-than-expected. Futures are down 0.7% at $3,351.50 a troy ounce. U.S. Nonfarm Payroll data showed the country added 139,000 jobs in May, higher than the 125,000 jobs economists polled by The Wall Street Journal expected. The stronger-than-expected figures have damped optimism that the Federal Reserve will significantly loosen monetary policy in the near-term. The data also strengthened the U.S. dollar, an alternative safe-haven asset. A cut to interest rates would have boosted the appeal of non-interest bearing bullion. However, hiring slowed from the 147,000 jobs added in April, indicating employers remain cautious given the uncertain economic outlook. ( joseph.hoppe@wsj.com )
Base Metal Prices Slide But Copper Set to End Week Higher
1606 GMT – Base metal prices fall, with LME three-month copper down 0.15% at $9,692.50 a metric ton and LME three-month aluminum down 1.1% at $2,448.0 a ton. Copper is set to end the week broadly higher and aluminum flat. Markets remain on edge amid heightened trade tensions, BMI analysts say in a note. As President Trump doubled steel and aluminum tariffs to 50% on Wednesday, the U.S. Midwest premium for aluminum surged to $1,325 a ton over LME prices, BMI says. Tariff threats are also a focal point for copper, keeping U.S. prices at a significant premium to the LME, BMI says. Inventories of the metal on the LME and in Shanghai Exchange warehouses have sharply declined, while U.S. stocks have continued to rise since Trump’s victory, analysts add.( joseph.hoppe@wsj.com )
Gold Choppy After Jobs Report
0913 ET – Gold futures came under minor pressure following the May jobs report, with the expected slowdown in hiring being less than expected by economists. The continuous contract briefly turned down 0.1% after the report’s release, but it has since returned to being up 0.2% in early trading. Precious metals are expected to end the week on a high note, says Peter Cardillo of Spartan Capital Securities in a note. “Metals are on track to close the week with strong gains, as both gold and silver continue to show a positive upward trend,” Cardillo says. The jobs report showed 139,000 jobs added, more than the consensus estimate of 125,000 jobs. ( kirk.maltais@wsj.com )
Gold Futures Set to End Week Higher on Renewed Safe-Haven Demand
0838 GMT – Gold futures rise, on-track to finish the week higher. Futures are up 0.25% at $3,383.60 a troy ounce. The precious metal has gained on renewed trade tensions, geopolitical risks and a weaker U.S. dollar, BMI analysts say in a note. Earlier in the week, President Trump doubled existing steel and aluminum tariffs to 50%, the Russia-Ukraine war intensified and the dollar slid, improving gold’s safe-haven appeal. Gold looks like it has further room to rise, given the U.S. Federal Reserve should eventually cut interest rates again and significant volatility is set to persist as global markets remain on edge, BMI says. Lower interest rates are typically a boon for non-interest bearing bullion. ( joseph.hoppe@wsj.com )
Base Metal Prices Slip; Copper Tariff Concerns Grow
0838 GMT – Base metal prices fall, with LME three-month copper down 0.2% at $9,685.50 a metric ton and LME three-month aluminum down 0.85% at $2,454 a ton. Copper remains up 3.5% on month, while aluminum is up 0.7% on month. President Trump’s doubling of steel and aluminum tariffs to 50% on Wednesday is hitting other metal markets, particularly copper, Commerzbank analysts say in a note. The rise in U.S. copper inventories is likely to continue, as the probability of copper tariffs being introduced has increased, Commerzbank says. This should provide good support for copper prices, particularly when combined with persistent concerns of a copper ore shortage that threatens to stymie global metal production, analysts write. Commerzbank raises its copper price expectations for both the next two quarters to $9,500 a ton, from $9,200 and $9,400 previously. ( joseph.hoppe@wsj.com )
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