Overview

• Spot gold reached $3,382.06 an ounce on June 12, putting it close to all-time highs.
• May’s underlying US inflation rose less than expected for a fourth consecutive month, strengthening market expectations for Federal Reserve rate cuts.
• Traders now assign an 80% probability to a September rate reduction and anticipate a second cut by October.
• Reports of a potential Israeli operation against Iran and subsequent US embassy staff relocations in Iraq intensified haven demand for bullion.
• Platinum has surged over 40% this year as tight physical supplies driven by strong Chinese demand have created a market deficit.