The expert stated the weakness of gold against the background of rising bond yields
Gold starts the week at around $4,050 per ounce, holding near the support of about $4,000.. At the same time, the market has already experienced four consecutive weeks of decline — this is the longest correction since 2023, and the metal has lost about 28% from the January highs. Ilya Rusyaev, a business consultant and founder of the Rusyaev Club business community, told Izvestia on June 29.
"This week, the data on the US labor market will decide everything. A strong employment report will strengthen hawkish rhetoric and push gold below 4 thousand, a dip below will open a zone where there are almost no technical supports left. Weak numbers will give a rebound. Deutsche Bank lowered its target for the third quarter to $4,300, ING cut forecasts for gold and silver," the expert said.
Silver, according to Rusyaev, is trading around $59 after its January peak above $121 and remains a more volatile asset compared to gold due to the high share of industrial demand. The gold to silver ratio has risen to 68, which historically may indicate the potential for a sharper recovery in silver while improving risk appetite.
Platinum is holding around $1,600 amid a continuing supply shortage. In general, as Rusyaev emphasizes, the week promises increased volatility, and macro data from the United States will remain the key benchmark for all precious metals.
On June 15, Osman Kabaloev, the head of Rosvexel, a company established by the Ministry of Finance of the Russian Federation, said that it was not worth keeping savings in gold. He noted that it is still difficult to predict whether a record in terms of purchases of physical gold will be set this year. At the same time, the expert stressed that over 330 tons of precious metal are mined annually in Russia, and experts expect an increase in production volumes in the coming years.
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