GOLD · ~$4,100–4,190/oz — A Payroll Miss Undoes Warsh’s Hawkish Debut

WHAT HAPPENED. Gold has staged a sharp V-shaped reversal, rallying nearly 4% off an eight-month low near $4,000–4,018 hit on June 30–July 1, to reclaim the $4,170–4,190 zone by July 3. The move was triggered almost entirely by Friday’s June jobs report, which landed far below expectations and forced a rapid unwind of the rate-hike premium that had been building since the mid-June FOMC.

WHY IT HAPPENED — PRIMARY DRIVER (LABOR DATA / FED REPRICING). The US economy added just 57,000 jobs in June versus roughly 115,000 expected, the weakest print in four months, with April and May payrolls revised down a combined 74,000 the softest payroll quarter in over a year. The unemployment rate ticked down to 4.2%, but largely on falling labour-force participation rather than hiring strength. Wednesday’s ADP report had already flagged the slowdown, with private payrolls up only 98,000 against a 118,000 forecast. September hike odds fell to roughly 50%, down from about 67% just a day earlier one of the sharpest single-day repricings of the cycle. Fed Chair Kevin Warsh, speaking at the ECB’s Sintra forum mid-week, struck a notably softer tone than his June FOMC debut acknowledging that inflation expectations had eased over the past month and that there was “no urgency” to raise rates while still reiterating the Fed’s commitment to restoring price stability and flagging that the balance sheet remains larger than needed.

SECONDARY DRIVER (USD & OIL). The dollar index pulled back sharply from its recent 52-week high near 101.8, on track for its biggest weekly decline since April, directly supporting dollar-denominated bullion. The 10-year Treasury yield eased to roughly 4.46–4.49% from highs closer to 4.50% earlier in the week. Compounding the disinflation narrative, Brent crude slipped to its lowest levels since February 27 effectively pre-war pricing as Saudi and UAE exports rebounded to roughly 90%+ of pre-conflict levels and shipping through the Strait of Hormuz continued to normalize.

STRUCTURAL FLOOR INTACT. Central banks added a net 41 metric tons to reserves in May per World Gold Council data, extending the multi-year accumulation trend even through the recent price softness. 

SILVER · ~$60–63/oz Amplifying Gold’s Bounce, Structural Deficit Story Unchanged

WHAT HAPPENED. Silver tracked gold’s reversal with its usual higher beta, rebounding from the low-$60s to reclaim $62–63 by July 3 — its best week in over a month after a rougher stretch tied to the same hawkish-Fed repricing that pressured gold. The gold-to-silver ratio sits near 66:1, broadly in line with its 50-year historical average, suggesting the sharp compression seen earlier in the year has partly unwound.

WHY IT HAPPENED. As the highest-beta precious metal, silver amplified both legs of the week’s macro swing falling harder into the payroll release on rate-hike positioning, then rallying more forcefully once the weak jobs data forced a dovish repricing. Lower real yields and a softer dollar did the heavy lifting, consistent with the move in gold.

INDUSTRIAL DEMAND & PHYSICAL DEFICIT. The structural case remains intact: the Silver Institute’s June 2026 newsletter (published July 1) highlighted the launch of Abaxx Exchange’s Silver Singapore Futures (SSP) contract, a physically-deliverable 1,000-oz, four-nines-purity instrument aimed at closing the pricing gap between Western futures venues and Asia’s industrial silver base early participation has come from firms in Singapore, Thailand, and India. Solar and EV-linked demand growth remains the dominant multi-year driver. 

COPPER · ~$6.05–6.20/lb Section 232 Tariff Finalized — Global Supply Splits Between COMEX and LME

WHAT HAPPENED. Copper firmed toward the $6.17/lb area by July 3, a modest weekly gain, holding up well against the volatility in precious metals. The dominant story was structural rather than macro: the US Department of Commerce finalized its long-awaited Section 232 investigation on refined copper imports on June 30, confirming import tariffs after more than a year of speculation.

WHY IT HAPPENED — SUPPLY (PRIMARY DRIVER). Ahead of the tariff decision, traders had already been aggressively relocating global supply to the US: COMEX inventories surged to a record ~652,200 tonnes, while LME stockpiles tightened to a near three-month low of ~352,100 tonnes, splitting the global market into a well-supplied US leg and an increasingly tight rest-of-world leg. US refined copper imports have averaged roughly 140,000 tonnes per month from January 2025 through May 2026, nearly double the 2024 monthly average. Goldman Sachs flagged that if the tariff proceeds as expected, COMEX copper could spike above the equivalent of $14,000/tonne on LME (~$6.35/lb) as a fresh wave of US stockpiling begins.

DEMAND (SECONDARY DRIVER). AI data-center buildout, grid electrification, and EV infrastructure themes remain unchanged as long-duration demand drivers. The dollar’s post-payrolls pullback and lower oil prices are modest net positives for industrial input costs, partially offsetting the drag from tariff-related uncertainty. 

PLATINUM · ~$1,630–1,700/oz Beta Trade Unwinds Further as WPIC Nudges Deficit Estimate Higher

WHAT HAPPENED. Platinum extended its correction this week, slipping to roughly $1,630–1,700/oz its softest levels since its June recovery began as the broader precious-metals beta trade unwound alongside the hawkish-Fed repricing earlier in the week, only partially retracing after Friday’s weak payrolls print. The metal remains well below both its January all-time high above $2,920 and the $1,760–1,830 range reported in the prior cycle.

SUPPLY RISK (PRIMARY DRIVER). The World Platinum Investment Council’s Q1 2026 Platinum Quarterly, published during the window, revised its full-year 2026 deficit forecast modestly higher to 297koz (from a prior estimate of 240koz), even after Q1 itself printed a 268koz surplus on unseasonably strong South African output and ETF/exchange-stock outflows. The WPIC expects several of the Q1 trends to reverse over the remainder of the year, keeping the market on track for a fourth consecutive annual deficit and above-ground stocks depleting to just under three months of demand cover by year-end.

DEMAND RISK & LONG-TERM CATALYST. Hybrid-vehicle growth, stricter emissions standards, and China’s expanding hydrogen fuel-cell vehicle fleet remain the structural long-term demand catalysts. 

This report is for informational purposes only and does not constitute investment advice. All prices are approximate and subject to market conditions. · Pan Asia Market Intelligence · 6 June 2026