Precious Metals News: Silver and Platinum Prices Decouple from Gold

Gold price news

Gold prices battled through several lines of volatility between May 7 and May 13, 2026 from shifting US-Iran tensions, cooling energy prices, and persistent inflation data. Prices for the yellow metal are finding support at US$4,700 level, trading in the US$4,650 to US$4,750 per ounce range.

On May 7, gold opened high around $4,750 per ounce on safe-haven demand following comments from Fed Chair Hammack suggesting prior Fed interest rate path guidance was misleading. Although prices later faced pressure from data showing the US-Iran war's shock to the global energy markets may be flowing into consumer prices.

The following day, May 8 (Friday) despite hitting a high of US$4,747.22 in the morning trade, gold prices remained relatively rangebound between US$4,710 and US$4,720 per ounce . The broader structural bull case for gold remains intact, supported by persistent institutional buying and inflation hedging.

After kicking off Monday below the US$4,700 level, gold prices managed to climb back into the US$4,720 and US$4,740 per ounce range for most of the trading day.

Although there was lots of downward pressure coming from US President Donald Trump’s weekend rejection of Iran's latest peace proposal as "TOTALLY UNACCEPTABLE!" pushed oil prices back up over US$115 per barrel.

The re-escalation of tensions dragged gold down further on the morning of Tuesday (May 12) to an intraday low of US$4,6639.51 per ounce and spent the day struggling to regain a foothold above the US$4,700 mark. Gold managed to close at US$4,715.34 per ounce.

“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,” Simon-Peter Massabni, head of Business Development at XS.com stated in a market commentary shared with the Investing News Network (INN).

Also weighing on gold prices this week is the April Consumer Price Index (CPI) report which confirmed inflation is accelerating, meaning the Fed will be unable to cut rates in 2026. On top of that, hotter-than-expected Producer Price Index (PPI) data indicated sticky inflation has embedded consumer prices.

On Wednesday, the price of gold was trading above US$4,700 per ounce in the morning trade, but by closing had fallen to US$4,688.98 per ounce at closing.

By 11:00 a.m. PDT Thursday, gold prices had retreated further to US$4,675.88 per ounce as the market found itself caught in between inflationary pressures and shifting macroeconomic factors.

Gold prices lost more than 2 percent compared to the same time last week, and remained down about 16 percent from the US$5,589.38 per ounce 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 10-11, May CPI and PPI data release will show if inflation is still ticking upwards.
• June 16–17 the Federal Reserve will hold its next Interest rate meeting. This will be the inaugural session for the new Fed Chair Kevin Warsh. He and the rest of the board will need to grapple with the recent sticky CPI and PPI. 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 US-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 its foreign currency reserves.

In gold mining news, major gold miners such as Agnico Eagle, Kinross Gold and AngloGold Ashanti registered record free cashflow in Q1 2026 despite the volatility in the gold price.

Silver price news

Silver’s price trajectory decoupled from gold this past week, as the metal stage a massive rally to trade in the US$80 to US$89 range between May 7 and May 13.

Along with gold, silver did remain rangebound near the end of last week, staying mostly between US$80 to US$81 with a close of US$80.38 per ounce on Friday, May 8.

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

Silver’s industrial side shined as the metal experienced its biggest one-day gain since February 20 to move to a two-month high on a series of factors. Institutional investors are seemingly rotating out of safe-haven and into growth sectors. The metal also benefited from a weaker 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. Silver prices 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 ounce on a strong outlook for energy metals.

Thursday’s morning session saw silver prices cooling to below the US$85 level, dropping to US$84.77 per ounce 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 gained almost 6.5 percent since the same time last week, and remained down more than 30 percent from its all-time high of US$121.62 per ounce, which it set on January 29.

The inflationary headwinds faced by gold this week didn’t faze silver, leading the gold-to-silver ratio to fall 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 PV installation data updates. While some thrifting–using less silver per cell– is expected to lower silver demand from this segment for 2026, China and Europe's planned massive rollouts remain a primary price floor.
• Also in May, 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 contracts. With silver in its sixth consecutive year of global supply deficits, a high number of 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, Hecla Mining, Coeur Mining and Wheaton Precious Metals reported strong cash generation for Q1 2026.

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 Thursday, May 7 before a close of US$2,069.70 per ounce as the metal has found solid support above the psychologically important US$2,000 mark. The metal closed out Friday higher at US$2,069.30 per ounce

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 before a close of US$2,153.40 per ounce.

Tuesday saw a bit of profit-taking with platinum prices dipping to an intraday low of US$2,083.50 in the morning, but managed to close at US$2,148.80 per ounce. Institutional accumulation is absorbing short-term retail profit-taking as investor sentiment remains high for the precious metal 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 per ounce.

However, on Thursday morning prices for platinum slid along with silver. By 11:00 a.m. PDT, the price of platinum was trading at US$2,085 per ounce.

Platinum prices were up more than 1.25 percent over the period, but well off its January 2026 all-time high near US$2,924 per ounce.

Platinum prices are benefitting from persistent mine supply deficits out of South African and Russian 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:

• May 18, the World Platinum Investment Council (WPIC) will release its Platinum Quarterly (Q1 2026). 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 also brings 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 published its annual PGM Market Report, a comprehensive review and forecast for platinum, palladium, and other rare PGMs. According to the report, platinum demand is expected to exceed supply again, driven by constrained mine output and strong industrial use.

Palladium price news

Palladium prices remained rangebound for much of this past week as the metal continues to grapple with the US$1,500 level.

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

Friday 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 per ounce.

For Monday, palladium did get a slight boost above the critical US$1,500 level for an intraday high of US$1,535 before a close of US$1,526 per ounce. The threat of prolonged trade route closures in the Strait of Hormuz created a firm floor of supply side support for prices.

However, unlike its sister metal platinum, palladium tracked gold rather than silver remaining rangebound over the next two days but was able to close each day out above the critical US$1,500 per ounce level.

On Thursday, May 14 palladium had retracted back below the US$1,500 level to US$1,464.50 per ounce as of 11:00 a.m. PDT.

According to the Johnson Matthey 2026 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.