Gold price crashes: Silver, gold rate fall big. What to expect in June?

Gold prices fell, on track for its second consecutive weekly loss, as higher oil prices and rising concerns around inflation and hawkish interest rates weighed on the metal. Spot silver fell 0.5 per cent to $76.32 per ounce, platinum lost 0.3 per cent to $1,959.20, and palladium was steady at $1,377.89. Spot gold was down 0.2 per cent at $4,534.29 per ounce. The metal was ‌down about ⁠0.1 per cent for ⁠the week so far. U.S. gold futures for June delivery lost 0.1 per cent to $4,535.60.

U.S. Secretary of State Marco Rubio said there had been "some good ​signs" in talks with Iran, although Tehran's uranium stockpile and control over the Strait of Hormuz remained sticking points.

Oil prices have jumped as investors doubted the prospects of a breakthrough in U.S.-Iran peace talks, with the two sides still at loggerheads on ‌Tehran's uranium stockpile ⁠and ⁠controls on the Strait of Hormuz. The market, however, remained headed for a weekly loss. Brent crude futures rose $2.38, ​or 2.3 per cent, to $104.96 a barrel, and ⁠U.S. West ‌Texas Intermediate futures were up $1.73, or 1.8 per cent, at $98.08.


How businesses and consumers ⁠respond to ongoing economic shocks will determine if ​the U.S. Federal Reserve can "look through" current high ​inflation or needs to consider raising interest rates, Richmond Fed President Thomas Barkin said on Thursday.

Data showed that the number of Americans filing claims for unemployment benefits fell last week, pointing to labor market resilience and giving the ‌Fed room to focus on surging inflation from the war with Iran.

Markets are pricing in ​a Fed ​rate hike before ⁠year-end, with a 60 per cent chance of a move by December, according to CME Group's FedWatch tool.