1. U.S. stocks flip-flopped on Monday as worries about war-stoked inflation buffeted investors as they kicked off a week dominated by Nvidia earnings. The S&P 500 fell roughly 0.2%, while the Dow Jones Industrial Average rose 0.2%. The Nasdaq Composite traded 0.6% lower after all three major indexes initially were in the green at the opening bell. In the bond market, the 10-year Treasury yield briefly climbed above 4.6% at one point early Monday before pulling back to below the key milestone. Long-dated yields also backed off from highs as a global bond rout lost steam. At the same time, a rally in oil prices helped stoke the inflation jitters behind the bond’s sell-off and the pullback in stocks from record highs.
2. Bitcoin dropped roughly 2% on Monday, extending losses to its lowest level since late April. The world’s largest cryptocurrency continued to decline over the weekend as rising bond yields put pressure on risk assets. Bitcoin saw a massive wave of forced selling over the past 24 hours as investors wiped out more than $182 million in positions. Also on Monday, Bitcoin Depot, once the largest crypto ATM operator in North America, filed for Chapter 11 bankruptcy after calling its business model “unsustainable” amid lawsuits and mounting regulatory pressure, including from some states that outright banned the machines.
3. Gold declined as persistent concerns over inflation fueled bets that global central banks may be forced to hike interest rates. Silver slumped to its lowest in nearly two weeks. Bullion slipped as much as 2.2% before recouping some of the losses. Concerns over price pressures stemming from the Iran war helped fuel a selloff in global bond markets, with 30-year yields climbing to a level last seen on the brink of the global financial crisis in 2007. Gold has traded in a narrow range since falling sharply in the early days of the conflict as inflationary fears were moderated by the possibility of monetary easing on growth concerns. Bullion is down nearly 15% since the conflict erupted. Silver has swung wildly this month, climbing to nearly $90 an ounce last week on optimism around AI-related equities and demand for metals used in data-center infrastructure, before retreating to around $74 on Tuesday.
4. Yields on 30-year U.S. Treasuries hovered near the highest levels in almost three years. In a volatile start to the week, yields on the long bond climbed four basis points to 5.16% during Asian hours, the highest since 2023, before falling to 5.1% on speculation of a breakthrough in the standoff over the Strait of Hormuz. The back-and-forth moves show the market is still on tenterhooks for a resolution to the conflict, which has driven energy prices and government borrowing costs higher. There is “no anchor above 5%,” said Guneet Dhingra, head of U.S. rates strategy at BNP Paribas, who is recommending clients target a 5.25% to 5.5% trading range in 30-year Treasuries. “Holders of long-end Treasuries are increasingly more price-sensitive than before.”
5. U.S. manufacturing activity strengthened in May, scaling the highest level in four years. S&P Global said its flash manufacturing PMI increased to 55.3 this month, the highest reading since May 2022, from 54.5 in April. A reading above 50 indicates growth in manufacturing, which accounts for 9.4% of the economy. Economists polled had forecasted the manufacturing PMI easing to 53.8.
6. In the week ending May 16, the advance figure for seasonally adjusted initial claims was 209,000, a decrease of 3,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 211,000 to 212,000. The 4-week moving average was 202,500, a decrease of 1,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 203,750 to 204,000.
7. Oil prices rose on Friday as investors doubted the prospect of a breakthrough in U.S.-Iran peace talks but held on track for a weekly loss. Brent crude futures were up 92 cents, or around 1%, at $105.88 a barrel by 1226 GMT, while U.S. West Texas Intermediate futures were 18 cents, or 0.2%, higher at $96.53 – both had risen over 3% earlier in the session. On a weekly basis, Brent was more than 3% lower, and WTI was down around 6%, with prices fluctuating sharply as expectations for a peace deal shifted.
8. EUR/USD remains on the back foot and hovers around the 1.1600 region on Friday. The pair continues to face headwinds as the dollar stays firm, supported by growing expectations that the Fed could maintain a hawkish stance amid lingering uncertainty surrounding a potential U.S.-Iran peace agreement.
9. USD/JPY holds firm on Friday, remaining confined within this week’s trading range as traders refrain from placing aggressive bullish bets near the 160.00 handle following suspected intervention by Japanese authorities in late April. At the time of writing, the pair is trading around 159.20 and remains on track for a second consecutive weekly gain.
U.S. stocks rose on Friday morning as the world awaited an update on U.S.-Iran peace talks. The S&P 500 gained 0.5%, and the Dow Jones Industrial Average, which notched a record high on Thursday, rose 0.6%. The tech-heavy Nasdaq Composite climbed 0.6%. The S&P 500 is vying for the index’s longest weekly winning streak since 2023. Markets started the week on a down note, amid concerns that persistent inflation will stoke worries about Federal Reserve rate hikes. Since reports of movement on talks picked up on Wednesday, however, investors have had reason to believe a primary source of rising prices could be resolved soon.
Mortgage rates jumped above 6.5% amid a global bond market rout that pushed yields on government debt. The average 30-year mortgage rate was 6.51% through Wednesday, according to Freddie Mac data, up from 6.36% a week earlier. Other measures have reported even higher numbers: The Mortgage Bankers Association calculated the average at 6.56%, a seven-week high for the week through Friday, while Mortgage News Daily showed average rates at 6.67% as of Wednesday.
The number of Americans filing claims for unemployment benefits fell last week, pointing to labor market resilience and giving the Federal Reserve room to focus on inflation from the war with Iran. There are no signs yet that employers are responding to rising costs by reducing headcount. The nearly three-month-long U.S.-Israeli conflict with Iran has disrupted shipping in the Strait of Hormuz, boosting energy prices, as well as straining global supply chains and causing shortages of a wide range of goods, including fertilizers, aluminum and consumer products.
Volatility should be expected to remain high as investors will be closely watching for hints on the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against both inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Trading Department – Precious Metals International Ltd.
Friday to Friday Close (New York Closing Prices)
| May. 15, 2026 | May. 22, 2026 | Net Change | ||
| Gold | $4,559.36 | $4,518.91 | -40.45 | -0.89% |
| Silver | $77.07 | $75.96 | -1.11 | -1.44% |
| Platinum | $1,987.24 | $1,932.97 | -54.27 | -2.73% |
| Palladium | $1,420.13 | $1,356.75 | -63.38 | -4.46% |
| Dow | 49526.11 | 50579.70 | 1053.59 | 2.13% |
Previous Year Comparison
| May. 23, 2025 | May. 22, 2026 | Net Change | ||
| Gold | $3,362.69 | $4,518.91 | 1156.22 | 34.38% |
| Silver | $33.46 | $75.96 | 42.50 | 127.02% |
| Platinum | $1,096.00 | $1,932.97 | 836.97 | 76.37% |
| Palladium | $1,004.34 | $1,356.75 | 352.41 | 35.09% |
| Dow | 41603.07 | 50579.70 | 8976.63 | 21.58% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4490/4480/4469 | 71.33/66.69/57.67 |
| Resistance | 4512/4523/4533 | 85.00/94.02/98.66 |
| Platinum | Palladiumn | |
| Support | 1896/1817/1666 | 1371/1326/1248 |
| Resistance | 2127/2277/2357 | 1495/1573/1618 |