ABC Bullion Monthly Market Update May 2026

Precious metal markets continued to consolidate throughout May, with gold underperforming, falling 2% to USD $4,539 per troy ounce (oz) by month end.

Silver delivered a positive result, producing a gain of 1.5% to USD $75oz.

Both metals have of course fallen throughout the month of June, with gold and silver falling 4.5% and 7% respectively at the time of writing, though there are some signs the market has either already bottomed out, or is in the process of doing so.

This period of price consolidation following the January super spike is unsurprising given the current macro headwinds at play. Rising yields, a stronger U.S. dollar (DXY), rate rise expectations later this year and liquidity-driven positioning continue to weigh on both metals.

Though, the interim agreement between the U.S. and Iran to end hostilities in the Middle East and reopen the Strait of Hormuz has helped ease global inflation fears and reduce interest rate hike expectations—for now.

The long-term outlook remains positive, with technical indicators suggesting both gold and silver are experiencing a textbook correction that mirrors a range of other pullbacks seen previously within the secular bull market.

At ABC Bullion, we continue to see strong levels of new account activations, as well as in-store and online trade, while demand for key physical products and our ABC Bullion Gold Saver remains robust.

It also provides the ideal backdrop for the release of the ABC Bullion May Monthly Market Update.

With detailed charts on gold, silver and platinum performance, inflation dynamics, commodity prices, comparisons of precious metals markets to risk assets and technical analysis, it is an invaluable resource that helps Australian investors navigate the precious metal market.

Thank you for choosing ABC Bullion.

Jordan Eliseo
General Manager, ABC Bullion

Luke Tyler
Senior Analyst, ABC Bullion

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