Global Market Round Up: 03 June 2026

Gold prices continued to face pressure due to renewed geopolitical tensions in the Middle East, which diminished hopes for a near-term U.S.–Iran agreement. This situation has led investors to adopt a cautious approach. Spot gold fell below the $4,500 level, with price movements largely restricted to a narrow range as markets weighed geopolitical risks against expectations regarding U.S. monetary policy.

Higher crude oil prices added to concerns that inflationary pressures could persist, reducing the likelihood of aggressive interest-rate cuts by major central banks. At the same time, firmer Treasury yields and a resilient U.S. dollar continued to limit demand for precious metals.

Investor sentiment was also influenced by stronger-than-expected U.S. labor market data. Job openings unexpectedly rose to their highest level in nearly two years, while layoffs declined, reinforcing the view that the U.S. economy remains resilient despite elevated borrowing costs. The data strengthened expectations that the Federal Reserve may maintain a restrictive policy stance for longer.

Attention now turns to Friday’s non-farm payrolls report, which is expected to provide fresh insight into the health of the labor market and could prove pivotal in shaping expectations for interest rates, the U.S. dollar, and the near-term direction of gold and silver prices.

Crude oil prices extended their gains for a third consecutive session, with WTI crude rising above $95 per barrel as uncertainty surrounding U.S.–Iran negotiations kept a geopolitical risk premium embedded in the market. Investor sentiment remained cautious after Iranian media reports cast doubt on the progress of the talks, offsetting comments from U.S. officials indicating discussions are still ongoing.

The lack of a clear breakthrough has reinforced concerns that global oil supplies could remain constrained for longer, particularly as inventories continue to tighten. Supporting prices further, industry data showed U.S. crude stockpiles fell by 6.8 million barrels last week, signaling robust demand and tighter market conditions ahead of the official government inventory report.

Copper briefly topped $14,000 per tonne as demand optimism and supply constraints outweighed geopolitical concerns. Expectations of tighter global supply conditions continue to support industrial metals. Aluminium climbed to its highest level in more than four years amid persistent supply-side challenges.

Market Performance Snapshot