Gold, silver and platinum set for more gains as market braces for weak U.S. jobs data
Gold prices have pulled back by more than 1%
Precious metals kicked off June with strong price movements following weaker-than-expected U.S. manufacturing data for May, which renewed pressure on the U.S. dollar.
Investors responded by rotating into metals, lifting gold and silver to multi-week and multi-month highs, respectively. The data highlighted the weight of ongoing trade uncertainty under the Trump administration, forcing the U.S. Dollar Index to a six-week low on Monday and providing a bullish boost for metals.
- Gold surged over 3% as U.S. manufacturing data triggered dollar weakness
- Silver broke 8-month highs on a 5.5% rally
- Platinum tests key support as 4-hour RSI signals short-term weakness
Gold posted a sharp gain of over 3% on Monday, rising from the month’s open at $3,288 to a four-week high at $3,392. This upward move came as traders priced in economic softness and positioned for possible further dollar weakness. However, during Tuesday’s European session, gold prices have pulled back by more than 1%, driven by a sequence of intraday lower lows across trading sessions. On the hourly chart, RSI has shifted into bearish territory, indicating that short-term downside pressure still exists. Nevertheless, the 4-hour and daily RSI levels are both situated in bullish zones, suggesting the broader trend remains upward despite the current retracement.
Gold, silver, and platinum price dynamics (March-May 2025). Source: MT4
Silver showed even stronger momentum. Monday’s price surge of more than 5.5% propelled silver from $33 to an eight-month high of $34.78, marking its largest daily gain of 2025. The breakout above the long-standing $33.7 resistance marked a significant technical shift, ending weeks of range-bound activity and placing silver in positive territory for the second quarter. On Tuesday, silver has experienced a pullback of over 2%, dipping to $33.96 before recovering. It is now regaining upward traction, currently trading near $34.25, suggesting that the profit-taking phase may be concluding as buyers step back in.
Platinum’s bounce off 100 EMA supports a potential bullish continuation
In contrast, platinum has moved less aggressively. The metal saw a modest gain of 0.74% on Monday, reclaiming support at $1,058.8 following a bounce from the 4-hour 100 EMA at $1,041.7. Since then, price has been consolidating above $1,058. In Tuesday’s session, platinum declined by 0.78% from an intraday high of $1,069.7, retesting the same $1,058.8 support level. Although the 4-hour RSI has dipped into bearish territory, the daily RSI is firmly in bullish territory at 61. This suggests that the downside move may be near exhaustion, and platinum could be setting up for a bullish continuation if support holds.
Market focus now shifts to U.S. economic releases later today, including JOLTS of job openings and durable goods orders at 14:00 GMT. Softer data could further weaken the dollar and restore upward momentum for gold, silver, and platinum in the sessions ahead.
Gold surged by 2% as tariff concerns weakened the dollar and lifted safe-haven demand. Silver extended gains, while platinum lost ground after failing to hold its opening strength.
