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 price continues a phase of consolidation at the start of this week, with the spot market trading at $4715/oz. While the weekend just past saw a counteroffer from Iran to the US’s most recently offered peace agreement and a vehement refusal from Washington shortly after, gold (and many other major asset classes) opened the week moving relatively flat in a “no news/no change” environment. This underlines that the failure of the two sides of the ceasefire to reach a long-term agreement after more than a month is about the least surprising “major news” of 2026.

The continuation of general geological uncertainty is sure to provide some measure of support to gold prices, especially this far below the January high of $5600/oz. The US Dollar has softened in recent sessions as well, which lifts the yellow metal by virtue of the two’s inverse relationship. But based on recent disclosures about quarterly spend from central banks around the world, it seems that the sharp rise in the Dollar this year has also led to meaningful support for gold as central banks pivot away from an expensive Greenback. At upwards of $35bb, the total of official spending on gold reserves in Q1 was the highest in history.

Silver Market

Silver has had a much more profitable start to the week, jumping by more than +5% to trade at $85/oz. The outlook for silver as a key industrial component—which is to say, a possible deepening of the global supply deficit for 2026—is a key driver of the metal’s rally here in advance of crucial direct talks between the US and China (between whom a large volume of global silver supply chains operate) This is evidenced by a narrowing of the Gold-Silver ratio in recent weeks.

Platinum Market

Platinum has had a healthy start to the week as well, reaching above $2100/oz. The grey metal is in a similarly extended global market deficit as the jewelry industry continues to rotate into platinum as a “cheaper” substitution for gold and even silver in specific cases, and as consistency of production and supply remains a concern due to logistic instability in South Africa, which is home to more than 60% of global supply.

US Macro Data to Watch

Tuesday, May 12 at 830am ET // Consumer Price Index (Apr)

[(core CPI) consensus est.: +2.7% YoY // prev.: +2.6%]

[(headline CPI) consensus est.: +3.7% YoY // prev.: +3.3%]

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.