Precious Metal Market Outlook & Bullion Trading Economic Trends

Exclusive Precious Metals Market Outlook and Recommendations

Index updated June 22, 2026

Blanchard's Bi-weekly Index

The Blanchard Bi-weekly Index is a roll-up of industry news and economic trends affecting the precious metals market and trading world.

Check back often for insights and commentary from our leading experts and contributors.

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Market Movers

Precious Metals

Gold edged higher after U.S.-Iran negotiations revealed progress. In a new development, the U.S. authorized the sale of Iranian oil. This marks a huge shift after years of tough economic sanctions against Iran. Both sides aim to reach a peace deal within two months to end the war.

To start the week, gold climbed above $4,185 an ounce, up from a low at $4,083 in early June. Rising energy prices from the U.S.-Iran war weighed on gold in recent weeks, amid ideas the Federal Reserve could need to raise interest rates to fight inflation. Fed rate hikes are a headwind for precious metals, which don’t pay interest.

Stocks slumped following news that SpaceX plans to raise at least $20 billion from a new bond offering to fund it’s artificial-intelligence plans. The Elon-Musk led company’s SpaceX shares have fallen as much as 18% in recent days, which has rattled the broader stock market, which has primarily gained this year in a tech-driven, AI rally.

SpaceX’s recent initial public offering (IPO) is the first of several high-profile AI-related offerings expected this year. Others include AI start-up Anthropic and Open AI as well. These mega-IPO deals have heightened concerns that the technology-AI stock market bubble could pop soon.

Key Takeaway:

The gold market has stabilized in recent weeks, with a strong floor in the $4,075 region. Gold has a proven track record as a hedge during stock market declines. Long-term investors used the pullback off gold’s highs as a buying opportunity. The long-term uptrend for gold remains intact. In an early June research note, J.P. Morgan Global Research predicted that gold prices would average $6,000/oz by the final quarter of 2026, and would climb toward $6,300/oz by the end of 2027.

Economic Update

The Federal Reserve met for its first meeting under the leadership of new Fed Chairman Kevin Warsh. The central bank held its key interest rate steady at 3.5-3.75%, but hinted that a rate increase could be seen before year-end.
U.S. housing starts plunged to their lowest level in six years in May. Housing starts, which tracks when construction begins on new residential buildings, sank 15.4% month-over-month, to a seasonally adjusted 1.18 million units. The housing market remains tight and unaffordable for many first time homebuyers. The slowdown in new housing construction will not help ease the housing crisis.
• The price of gas at the pump has fallen in recent days, but is still higher than year-ago levels. The national average price of gasoline sits at $3.85/g to start the week. The national average stands 67.3 cents per gallon higher than a year ago, according to GasBuddy data.

Key Takeaway:

Inflation remains a sticky problem for the U.S. economy and everyday Americans. All eyes will remain focused on the Fed in the months ahead as the central bank grapples with inflation levels that have been above the central bank’s target for five years now.

In the News

Hong Kong Pulls in Large Gold Bars Ahead of Clearing Launch – Bloomberg, June 21.

“By launching its gold clearing system, Hong Kong could secure first-mover advantage in a push to become Asia’s preeminent hub for bullion trading. Last week, Singapore announced its own plans to launch a clearing mechanism by the end of the year.

Both cities are aiming to capitalize on strong demand in Asia, where investors remain bullish about the long-term prospects for the precious metal as an alternative store of wealth.”

Gold bounces back on encouraging US-Iran peace talks – Reuters, June 22.

Gold Rebounds as Oil Extends Decline – TradingView, June 22.