Editor's Picks: Gold, Silver Face Bumpy Week as Prices Drop, Then Rebound

2026-05-29 16:55:00 ET

It was a bumpy week for the gold price, which dropped as low as US$4,370 per ounce midway through the period before rebounding back above US$4,500.

Silver put on a similar performance, bottoming out at US$72 per ounce.

Both precious metals were reacting to a complex array of dynamics, including the latest Iran war developments. The situation continues to fluctuate, and the declines in gold and silver came as the US and Iran exchanged attacks — despite the ongoing ceasefire.

At the time of this recording, the two countries had reportedly reached a deal to extend the ceasefire by 60 days and start negotiations on Iran's nuclear program; however, neither side had officially confirmed acceptance, meaning the deal may not hold.

The rise in hostilities boosted the US dollar and oil prices, which increased concerns about inflation and discussions around higher interest rates.

The release of the latest US personal consumption expenditures (PCE) price index data also contributed to rate conversations. PCE rose by a seasonally adjusted 0.4 percent month-on-month in April, and 3.8 percent from the year-ago period — the highest since May 2023 .

Core PCE, which excludes the food and energy categories, was up 0.2 percent on a monthly basis and 3.3 percent from the same time last year.

Core PCE is traditionally the Fed's preferred measure of inflation, meaning that market watchers use it to gauge what could be next for rates. In a potential shift, Kevin Warsh, who has taken Jerome Powell's place at the helm, prefers to look at trimmed averages .

That approach removes more volatile activity, but analysts have suggested that it may not provide an accurate picture of what's happening.

Going back to gold and silver — were this week's lower prices just a blip on the radar, or do they signal the start of a summer slowdown?

I heard from Ronald-Peter Stoeferle of Incrementum and the "In Gold We Trust" report, who said that in the near term he thinks investors shouldn't expect too much from the precious metals.

Here's how he explained it:

Looking longer term, Ronnie's outlook is much stronger — he believes this is a "golden decade" for gold, and said that the metal is on track to meet his target of US$8,900.

Speaking of seasonality, I also heard this week from Justin Huhn of Uranium Insider.

As always, he gave a great overview of uranium supply, demand and price dynamics, emphasizing his bullish long-term outlook. But Justin also said the market's cyclicality makes it "very tradable" — and right now could be a good time to buy low:

Bullet briefing — Cameco back in action, aluminum prices up

Cameco operations back in action

On the topic of uranium, major miner Cameco (TSX:CCO,NYSE:CCJ) has resumed full production at its Key Lake mill and McArthur River mine in Saskatchewan.

Operations were disrupted earlier this month by the partial collapse of a bridge in the area. It serves as the company's primary transport route for essential operating materials. That route has not yet been restored, but Cameco said it has been able to use a secondary pathway to consistently deliver those materials.

Although the incident had raised questions about Cameco's 2026 guidance, the company said its production expectations remain unchanged.

Aluminum price hits four year high

The Iran war continues to impact a wide variety of commodities, and this week aluminum was in focus as London Metal Exchange prices reached their highest level in four years .

The conflict has resulted in a global shortage of the industrial metal, with smelters in China working above their capacity to take advantage of the supply crunch.

Now, however, traders are concerned about output cuts in the Asian nation amid government inspections focused on energy use and emissions.

Sector participants are now projecting that Chinese exports of the metal could hit a record of over 680,000 metric tons in the months to come after rising 15 percent in April.

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.