The State Duma deputy predicted the growth of gold and silver to new highs

Analysts' forecasts for further price dynamics differ. For example, Goldman Sachs expects the price of gold to be around $4.9 thousand per ounce by the end of the year, while UBS expects an increase to $5.5 thousand. Alexey Govyrin, a State Duma deputy and member of the State Duma Committee on Small and Medium-sized Enterprises (United Russia faction), told Izvestia on June 8.

"The year for gold began with a historic breakthrough: in January, the price rose above $ 5,500 per ounce for the first time, and the maximum values almost reached $ 5,600. However, then the quotes adjusted and dropped to around $4,300, which is due to a change in market factors," the parliamentarian said.

As Govyrin noted, outflows from exchange-traded funds, which have been continuing for the second month in a row, have become one of the key drivers of the decline. In May alone, the volume of funds withdrawn amounted to about $2 billion. Additional pressure on the price was exerted by the strengthening of the dollar against the background of the negotiation process between the United States and Iran, which reduced part of the geopolitical premium, which the World Gold Council estimates at about 12%.

At the same time, the fundamental factors remain stable. Central banks continue to build up gold reserves, and investors expect an easing of the Federal Reserve's monetary policy and a possible weakening of the dollar. There is also an increased interest in precious metals in Russia: according to the parliamentarian, the Ministry of Finance of the Russian Federation in May resumed purchases of gold and foreign currency under the budget rule in the amount of about 110 billion rubles.

Silver, according to Govyrin, also remains under the influence of increased demand and supply shortages. In January, the metal rose to $100 per ounce, then adjusted and stabilized around $73. At the same time, according to the Silver Institute, for the sixth year in a row, the market remains deficient, exceeding 760 million ounces. HSBC, in turn, raised the average forecast for silver to $75 per ounce.

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As reported on April 29, the price of gold futures for delivery in June 2026 on the Comex exchange on April 29 fell below $4,550 per troy ounce for the first time since March 30 this year. As of 16:20 Moscow time, the price of precious metals decreased by 1.34%, amounting to $4,546.8 per troy ounce. Five minutes later, by 16:25 Moscow time, the futures price slowed down the decline. Gold was at $4,547.5 per ounce, which is 1.32% lower than the previous values.