Precious Metals News: Silver and Platinum Prices Decouple from Gold

Gold price news

The gold price battled through several lines of volatility between May 7 and Wednesday (May 13), including shifting tensions between the US and Iran, cooling energy prices and persistent inflation data.

The yellow metal is finding support at US$4,700 per ounce level, trading in the US$4,650 to US$4,750 range.

On May 7, gold opened high around US$4,750 on the back of safe-haven demand following comments from Beth Hammack, president and CEO of the Federal Reserve Bank of Cleveland. She suggested that prior Federal Reserve rate path guidance may have been misleading. The precious metal later faced pressure from data showing that the Iran war's shock to global energy markets could be flowing into consumer prices.

Gold remained relatively rangebound the next day, trading between US$4,710 and US$4,720.

After kicking off Monday (May 11) below the US$4,700 level, the gold price managed to climb back into the US$4,720 to US$4,740 range for most of the trading day. Downward pressure came from US President Donald Trump’s weekend rejection of Iran's latest peace proposal as "TOTALLY UNACCEPTABLE!"

Oil prices rose back up over US$115 per barrel on the news, and the re-escalation of tensions dragged gold down further on the morning of Tuesday (May 12), when it hit an intraday low of US$4,6639.51. The metal spent the day struggling to regain a foothold above the US$4,700 mark. Gold managed to close at US$4,715.34.

“This narrative of renewed, tit-for-tat escalation is fueling upward pressure on energy-related inflation, exacerbating liquidity constraints, and boosting the appeal of higher-yielding bonds amid continued pessimism about interest rate cuts this year,” said Simon-Peter Massabni, head of business development at XS.com.

Also weighing on the gold price this week was the April US consumer price index (CPI) report, which confirmed inflation is accelerating, meaning the Fed is unlikely to cut rates in 2026. On top of that, hotter-than-expected US producer price index (PPI) data indicated sticky inflation has embedded into consumer prices.

On Wednesday, the price of gold was trading above US$4,700 in morning trade, but by closing had fallen to US$4,688.98. By 11:00 a.m. PDT on Thursday, the gold price had retreated further to US$4,675.88 as the market found itself caught in between inflationary pressures and shifting macroeconomic factors.

The price of gold has lost more than 2 percent compared to the same time last week, and remains down about 16 percent from the all-time high of US$5,589.38 that it reached on January 28.

What direction could gold take in the coming weeks? Here are the gold price’s potential near-term catalysts:

• June 5 — Non-farm payrolls will help gauge the health of the US labor market.

• June 10 to 11 — May CPI and PPI data will show if inflation is still ticking upward.

• June 16 to 17 — The Fed will hold its next meeting. This will be the inaugural session for the central bank's new chair, Kevin Warsh. He and the rest of the board will need to grapple with the recent sticky CPI and PPI numbers. Hiking rates or holding them steady could place downward pressure on gold.

For more insight into what’s moving the gold market, check out the Investing News Network's recent interviews:

• David Hunter: Final Melt-Up, Then Global Bust? Gold, Silver, Oil Price Targets
• Joe Cavatoni: Gold Price Staying Strong, Top Drivers I'm Watching Now

In other gold market news, the Iran war has forced India into more than doubling its import tariffs on gold and silver in an effort to boost the value of the rupee and foreign currency reserves.

In gold-mining news, major companies such as Agnico Eagle Mines (TSX:AEM,NYSE:AEM), Kinross Gold (TSX:K,NYSE:KGC) and AngloGold Ashanti (NYSE:AU,JSE:ANG) registered record free cashflow in the first quarter of the year despite the volatility in the gold price.

Silver price news

Silver’s price trajectory decoupled from gold this past week as the metal staged a massive rally to trade in the US$80 to US$89 per ounce range between May 7 and Wednesday. Along with gold, silver remained rangebound near the end of last week, staying mostly between US$80 to US$81 with a close of US$80.38 on May 8.

On Monday, the white metal shot past US$85 in early morning trade to an intraday high of US$86.23.

Silver’s industrial side shone as the metal experienced its biggest one day gain since February 20, moving to a two month high on a series of factors. Institutional investors are seemingly rotating out of safe havens and into growth sectors. The metal also benefited from a weaker US dollar, and a shift in India from gold to silver buying.

Another catalyst for silver this week was the US-China 90 day tariff truce, which led US tariffs on Chinese goods to drop from 145 percent to 30 percent, and Chinese tariffs on US goods to fall from 125 percent to 10 percent.

Tuesday saw silver firm up its position at the US$86 level before staging a run at US$90 the following day. The silver price hit an intraday high of US$89.33 on Wednesday as the metal followed its industrial cousin copper’s lead rather than gold. Copper prices hit a new all-time record high of US$6.70 per pound on a strong outlook.

Thursday’s morning session saw silver cool to below the US$85 level, dropping to US$84.77 by 11:00 a.m. PDT. Profit taking and the ever-present tug-of-war between its precious and industrial natures made for an expected dip.

The silver price has gained almost 6.5 percent since the same time last week, and remains down more than 30 percent from its all-time high of US$121.62, which it set on January 29.

The inflationary headwinds faced by gold this week didn’t faze silver.

The gold-silver ratio fell this week to 54:1, its tightest level in 15 years. Traders interpreted it as a signal that capital is flowing into industrial demand rather than safe-haven plays.

Silver's industrial profile is leading the charge in this current rally, spurred on by broader demand for green energy and base metals. Silver is a critical component in solar panels and advanced automotive electronics.

“Silver is entering a notable recovery phase after its previous sharp correction, supported by a combination of improving industrial demand, clean energy investment, AI-related growth, and a prolonged supply deficit,” said Massabni. “In recent sessions, silver briefly moved above USD 89/oz, showing that buying interest has returned clearly, even though the U.S. dollar and U.S. Treasury yields have not weakened significantly.”

Here’s a look at the silver market’s potential near-term catalysts on top of those influencing gold:

• In mid-May, analysts are watching for the release of solar panel installation data. While some thrifting — the practise of using less silver per cell — is expected to lower silver demand from this segment in 2026, China and Europe's planned massive rollouts remain a primary price floor.

• Also in May, artificial intelligence (AI) infrastructure and data center reports from major tech firms regarding infrastructure expansion could act as a silver-specific catalyst. The metal is essential for the high-conductivity components used in AI data centers.

• Throughout May and June, copper market watchers will be looking at global manufacturing and Purchasing Managers' Index data out of China and the US. As we’ve seen this week, what bodes well for copper is also a plus for silver’s industrial case.

• The end of May will be the first notice day for June Comex silver futures. With silver heading for its sixth consecutive annual supply deficit, institutional buyers demanding physical delivery rather than cash settlement could quickly eat up Comex vault inventories, resulting in a physical liquidity squeeze.

Interested in silver-mining stocks? Major silver producers such as Pan American Silver (TSX:PAAS,NYSE:PAAS), Hecla Mining Company (NYSE:HL), Coeur Mining (TSX:CDE,NYSE:CDE) and Wheaton Precious Metals (TSX:WPM,NYSE:WPM) reported strong cash generation for Q1.

Platinum price news

Rather than following gold as it wrestled with hawkish macroeconomic data, the price of platinum followed silver on its industrial side uptrend. Platinum hit an early morning high of US$2,113 per ounce on May 7 before a close of US$2,069.70 as the metal has found solid support above the psychologically important US$2,000 mark.

The metal closed out May 8 higher at US$2,069.30.

By Monday, platinum was tracking silver higher, overtaking the US$2,100 level in the early hours of trading to reach an intraday high of US$2,154.60 later in the morning session; it closed at US$2,153.40.

Tuesday saw a bit of profit taking, with platinum dipping to an intraday low of US$2,083.50 in the morning, then managing to close at US$2,148.80. Institutional accumulation is absorbing short-term retail profit taking as investor sentiment remains high for the precious metal — that's due to its underlying structural supply deficit, and the potential for further supply chain shocks if global shipping through the Strait of Hormuz remains under a blockade.

The metal went on to test the US$2,200 level the following day, reaching a two month high of US$2,214.90 in the morning session before a close of US$2,160.62. However, on Thursday morning the price of platinum slid along with silver. By 11:00 a.m. PDT, the precious metal was trading at US$2,085.

Platinum is up more than 1.25 percent over the period, but well off its January all-time high near US$2,924.

Platinum is benefiting from persistent mine supply deficits out of South African and Russian operations, alongside booming autocatalyst and hybrid vehicle demand.

In addition, the metal is experiencing a relative value catch-up trade as investors rotate capital into platinum, not only for its industrial demand upside, but also its historically deep discount relative to gold.

As for potential near-term catalysts for platinum, a few key industry reports are on the horizon:

• On May 18, the World Platinum Investment Council will release its Platinum Quarterly report for Q1. This report will provide the first major data on supply and demand for 2026.

• For May and June, automotive manufacturing data and monthly vehicle registration reports will be released by major auto associations such as China's CAAM and Europe's ACEA.

• June will also bring the potential for further platinum mine supply disruptions out of South Africa, which produces roughly 70 percent of the world's primary platinum supply. The country’s winter season begins in June, placing strain on already fragile electrical grid. At the same time, several major platinum mine labor unions are scheduled to begin preliminary wage negotiations.

In other platinum news, Johnson Matthey (LSE:JMAT,OTCPL:JMPLY) published its annual PGM Market Report, a comprehensive review and forecast for platinum, palladium and other rare metals. According to the firm, platinum demand is expected to exceed supply again, driven by constrained mine output and strong industrial use.

Palladium price news

Palladium has remained rangebound for much of this past week.

The metal continues to grapple with the US$1,500 per ounce level. It was trading as high as US$1,559 in the early morning session of May 7, but sank to a close of US$1,485.50. Palladium suffered heavy institutional selling as automotive sector demand headwinds weighed on the platinum-group metals complex.

May 8 brought a bit of relief as industrial buyer accumulation absorbed minor retail selling. The metal climbed to an intraday high of US$1,516 before finishing the trading day at US$1,503.50.

For Monday, palladium got a slight boost above the critical US$1,500 level for an intraday high of US$1,535; it closed at US$1,526. The threat of prolonged trade route closures in the Strait of Hormuz created a firm floor of supply-side price support. However, unlike its sister metal platinum, palladium tracked gold rather than silver — it remained rangebound over the next two days, but was able to close each day out above the critical US$1,500 level.

On Thursday, palladium had retracted back below the US$1,500 level, hitting US$1,464.50 as of 11:00 a.m. PDT.

According to Johnson Matthey's PGM Market Report, the palladium market is projected to move into a small surplus of 214,000 ounces. This moves the metal out of the persistent structural deficit it has experienced since 2012.