The most active June 2026 gold futures contract on the COMEX division of the New York Mercantile Exchange increased by $34.5 on May 5, closing at $4,567.8 per ounce, a gain of 0.76%.
Following a sharp decline in the previous trading session, investors engaged in bargain hunting, driving a rebound in the prices of both gold and silver. However, ongoing tensions in the Middle East and persistent inflation concerns limited the upward movement of precious metals. Since the outbreak of hostilities involving the U.S., Israel, and Iran, rising energy costs have heightened fears of surging inflation and reduced expectations for interest rate cuts, placing continued pressure on gold prices.
On the same day, the Reserve Bank of Australia raised its cash rate by 25 basis points to 4.35%, marking the third rate hike this year. The move reflects concerns that increasing energy prices and global supply constraints could keep inflation above target levels. It also signals that major central banks remain cautious about easing monetary policy too soon amid elevated oil prices.
Market analysts noted that the gold market is currently undergoing an extended consolidation phase as it attempts to establish a price floor.
Meanwhile, July silver futures fell by 25.7 cents, settling at $73.265 per ounce, a decline of 0.35%.
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