Gold Falls 23%, Silver Plunges 44% by June 5 Despite US-Iran Conflict and Rising CPI

XAG0.78%
XPT0.46%
XPD0.74%
According to Bitcoin.com News, gold and silver registered steep declines on June 5-6, 2026, despite geopolitical tensions and inflation pressures that typically support precious metals. Gold fell 23% from its January 2026 peak of $5,608 per ounce to $4,331, while silver dropped 44% from above $121 to $67.30. Platinum declined 6.23% to $1,775, and palladium fell 6.87% to $1,207. The sell-off was driven by Kevin Warsh's May 22 appointment as Federal Reserve Chair and a stronger-than-expected May jobs report of 172,000 nonfarm payrolls, both shifting market expectations toward higher interest rates. Despite central banks, including China and Poland, adding approximately 19 tonnes of gold in April, Western investor outflows and speculative deleveraging overwhelmed structural demand.
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