Metal markets split between correction and growth trends

Tashkent, Uzbekistan (UzDaily.com) — The global metals market at the end of May is showing mixed dynamics: precious metals are undergoing a correction after a sharp rise earlier in the year, while industrial metals remain near multi-year highs. This was reported by Alpari analyst Anna Bodrova.

According to her assessment, the market remains one of the key indicators of the global economic situation. Investors are simultaneously taking into account geopolitical tensions in the Middle East, inflation risks, decisions by major central banks, and conditions in the industrial sector, all of which are increasing price volatility.

Gold is holding near the US$4,550 per ounce level, while silver has fallen below US$77 per ounce. Both assets remain significantly below January highs: gold has lost about 15% from its peak levels this year, while silver is down nearly 20%.

Bodrova noted that pressure on precious metals has increased amid expectations that high interest rates in the United States and Europe will be maintained. Following rising tensions around Iran, market participants had priced in the risk of a new surge in oil prices, which heightened inflation concerns. In such conditions, investors tend to favor dollar-denominated assets and bonds.

At the same time, the analyst believes that pressure on gold and silver is gradually easing. Over the past week, oil prices have corrected downward, reducing part of the inflation risks. May’s performance in precious metals appears more like a cooling phase after a record rally at the beginning of 2026 rather than a sustained downward trend.

Against this backdrop, the industrial metals segment is showing stronger performance.

Copper, despite short-term fluctuations, has risen by approximately 34% over the past 12 months and remains above US$6 per pound. The main driver of growth is strong global demand from the technology and energy sectors.

The development of artificial intelligence, construction of data centers, expansion of electric vehicle production, and modernization of power grids continue to support demand for the metal.

Aluminium also maintains an upward trend. Its price recently exceeded US$3,650 per ton, the highest level in nearly four years. Over the year, the metal has gained more than 45%.

Platinum is trading around US$1,950 per ounce and appears more resilient than gold due to strong demand from China, as well as limited production volumes in South Africa and Russia.

According to the analyst, the current situation reflects a shift in sentiment in commodity markets: investors are becoming more cautious toward safe-haven assets, while long-term demand for industrial metals linked to energy, infrastructure, and technology continues to provide key support for the market.