Welcome to our weekly precious metals roundup. Over the past week, gold traded around the $4,500 mark on international markets, as Middle East tensions and safe-haven demand pulled against a strong dollar, high bond yields and lingering inflation worries. Below is a summary of the most important developments of the past week and what they mean for the Estonian investor.

  • Gold closed a choppy week at $4,539. The spot price climbed to a weekly high of $4,594.92 per ounce on Friday, but the rally ran out of steam and the week ended at $4,539.03. It was a jittery stretch: safe-haven demand tied to Middle East tensions was repeatedly offset by a firmer dollar, higher bond yields and fresh inflation concerns, with the 30-year US Treasury yield holding above 5% and the 10-year above 4.5%. Prices began to recover late Thursday after reports of progress toward a possible US–Iran agreement, which cooled oil prices. Source: Kitco News, 29 May 2026.
  • Year over year gold is still strong, but well off its January peak. According to Kitco’s review, gold traded at roughly $4,540.53 per ounce on 30 May, up nearly 37% over the past 12 months. Even so, the price has fallen from its 29 January record of $5,595 — a correction of close to 19%, with a March low near $4,098 before a mid-April recovery to $4,792. Among the reasons cited for the pullback are higher US inflation (a 3.3% March consumer price index and a 3.8% April PCE), a stronger dollar and geopolitics, including oil rising above $100 per barrel. Source: Kitco News, 30 May 2026.
  • Investors came back: gold ETFs turned positive, silver ETFs gained momentum. Net inflows into gold exchange-traded funds (ETFs) turned positive for the first time since early April — North America contributing $824 million and Europe $180 million. Silver ETF inflows rose to their highest level since late February, led by Europe with 6.2 million ounces, while silver held its 50-day moving average at $75.42. This points to a recovery in investment demand, particularly in Europe. Source: Kitco News, 26 May 2026.
  • UBS cut its year-end gold forecast to $5,500. The major Swiss bank UBS trimmed its end-of-2026 gold forecast from $5,900 to $5,500 per ounce, pointing to persistent headwinds in the form of high US bond yields and a strong dollar — the bank notes that the market is “rediscovering the concept of opportunity cost.” UBS still maintains the view that gold could move toward $5,900–6,200 over the course of the year. Notably, even optimistically minded banks are revising their targets lower. Source: Kitco News, 27 May 2026.

This week’s price and what it means for the Estonian investor

Internationally, gold moved around $4,540 per ounce over the week and silver around $75 per ounce (USD, Kitco data, 30 May 2026). These are dollar prices on the international market — for an Estonian buyer, what matters is the euro price plus premium, which also depends on the EUR/USD exchange rate.

By our own data, as of 1 June 2026 a physical 1-ounce investment gold coin costs roughly €4,030–4,090 (for example, the 1 oz Austrian Philharmonic gold coin at about €4,032 and the 1 oz Canadian Maple Leaf gold coin at about €4,092), while a 1-ounce silver coin costs around €93 (for example, the 1 oz Austrian Philharmonic silver coin and the 1 oz Canadian Maple Leaf silver coin).

What does this mean in practice? The week’s swings show that short-term timing is difficult — the price reacts at once to geopolitics, the dollar and interest-rate expectations. Physical precious metals have historically been a long-term asset rather than a short-term speculation, and the euro price may not move exactly in lockstep with the dollar price. Anyone weighing a purchase might keep an eye on both the international price and the EUR/USD rate, and work from their own time horizon.

This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell precious metals. Precious metal prices fluctuate. Before making any investment decision, consider your own circumstances and consult a specialist if necessary.

Goldman & Sons editorial team