Hello and welcome to our market week preview, where we take a look at the economic data, market news, and headlines likely to have the biggest impact on pricing and market momentum for gold, silver and platinum, as well as key correlated assets.

Gold Market

Gold prices have continued to weaken, now sliding towards a level of “round-number” support at $4000/oz that will be critical to watch. The yellow metal’s pricing outlook continues to be weighed down by the unexpectedly hawkish tone struck by the Federal Reserve at Chair Kevin Warsh’s first FOMC meeting in change, as the Chair’s post-meeting comments and—most critically—the anonymized economic projections of FOMC participants have pushed markets to more seriously price in the chances of the interest rate hike before the end of 2026; even though at the time of the survey and meeting there was at least a firm expectation that the US and Iran had finally come to terms on a ceasefire to relief some of the constriction on the global economy. Halfway through the first US trading session of this holiday-shortened week, gold spot prices sit only just above $4020/oz. The reaction function to geopolitical strife and the threat of outright war, which historically is such a boon to gold as a risk-off investment, now sits like a weight around the precious metal’s feet as a re-flaring of tensions over the weekend plays directly into the argument for raising rates this year, which the Warsh Fed has shown they’re already seriously considering. With gold (and others in the commodities complex) so sharply off the pace to begin the week, we will have to keep an eye on market depth this week as markets are expected to be more lightly traded with many desks signing out for the US Independence Day holiday and the next few weeks of summer. Any other intraday sharp slides could become much more volatile, with fewer buyers online and in a position to step in.

Silver & Platinum Markets

Gold’s long-standing role as a hedge against global instability is not doing anything for it in the markets, however, as evidenced by the deep declines in silver and platinum prices over the last several days. Silver has fallen far enough to now threaten support at $60/oz while platinum is far off the pace and trading below $1,600 (a loss of nearly –2% today alone).  Although both metals should be expected to exhibit strong support at some point given what is expected to be global supply deficit in 2026, the current heavy rotation way from investments in inflation hedges and the continuing rebound of the US Dollar making buys so expensive as to be unpalatable are leaving silver and platinum farther and farther behind gold even as the yellow metal softens considerably.

US Macro Data to Watch

Thursday, July 2 at 830am ET // June Jobs Report

[(NFP) consensus est.: +110K // prev.: +172K]

[(unemployment) consensus est.: 4.3% // prev.: 4.3%]

And that’s how the precious metals basket is performing to begin the week. As always, we wish you all the best of luck in your markets in the coming days, and we’ll look forward to seeing you all back here next week for another metals market preview.