Friday, June 5, 2026 · Covering Thursday June 4 session
Summary
Gold slipped 0.62% to about 4,447 dollars an ounce on Thursday June 4 and silver fell harder, down 1.87% to about 72.50, leaving both metals looking lifeless. Gold has now spent months going sideways and is pressing right down on the line that marks its long climb, while silver is the weaker of the two, drifting toward the lower end of its range.
The contrast with copper could hardly be sharper. While gold and silver sit dead, copper has been climbing strongly all year, up around a third, near record territory. That split is the whole story: copper is an industrial metal, wanted for wiring, construction and the huge build-out of data centres and electric grids, so it rises on real demand. Gold and silver are mostly things people buy for safety, and right now nobody feels the need.
The reason is interest rates. The US central bank has turned more hawkish, with some traders now betting on a rate hike rather than a cut, and a firm dollar on top of that. Gold and silver pay no income, so when cash and bonds pay well they look unattractive, and money drains away from them. Copper does not care about any of that; it rises on what the world is building.
