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Gold has had a pretty good year so far, at one point even reaching above — a record for the precious metal.
In recent weeks, though, things have changed. Thanks to shifting inflation expectations, fluctuating Treasury yields, and ever-moving demand for and , gold prices have been volatile, around $3,200 in mid-May.
While already, it's a good reminder that the gold market is always changing, particularly in today's unpredictable economic climate. And if you're interested in investing in gold (or any asset, for that matter), having a good idea of what may come next is critical.
Want to make sure you're prepared to make the right decisions for your portfolio this summer? We asked some experts for their predictions on what could happen with gold prices this June.
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Here are three potential gold price scenarios that could occur this June, alongside the circumstances in which these scenarios could become a reality:
For much of June, you can likely expect things to remain fairly steady in the gold world, according to the experts we spoke with. For one, the next Federal Reserve meeting isn't until June 17 — and that's when the central bank could make a move to either increase or reduce its federal funds rate. This could spur or tamp down demand for gold, depending on which path the bank takes.
"It will be an important event to watch," says Ben Nadelstein, head of content at Monetary Metals. "Any change in policy direction or even a shift in tone around future rate cuts could move the gold market."
As of May 27, the tool puts the probability of a rate change at just 5.6%, though — so any major push toward or away from gold is unlikely. After the Fed meeting, an implementation of proposed tariffs could impact gold prices, experts says.
"Gold prices have been reacting more to headlines in recent months rather than substantive changes to global conditions," says Brett Elliott, director of content at precious metals marketplace APMEX.
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Gold prices could very well drop, too, particularly if the Fed opts to increase rates at its June meeting (though this isn't probable).
"A rate hike from the Federal Reserve is unlikely, but possible if tariffs cause inflation to rise and the labor market remains strong," Elliott says. "This kind of reversal would prompt capital flows from gold to treasuries."
Changing geopolitical conditions could also push gold prices downward.
"If tariffs and trade wars are resolved amicably, central banks pull the plug on their gold buying sprees, or the U.S. government finally displays some fiscal restraint, we could see gold prices retract," Elliott says.
But if they do fall, don't expect anything substantial.
"Central Bank buying continues at a ravenous pace," says James Cordier, CEO and head trader at Alternative Options. "This puts a solid floor under prices."
If economic data released in June starts to point to a weakening economy, the Fed could be moved to lower rates. This would be the push gold prices need to climb further, Cordier says.
"A weaker outlook will cause a cry for lower U.S. interest rates, in turn, giving a new boost to gold demand as a softer dollar spurs buying," Cordier says. Additionally, "any geopolitical events that significantly increase risk" could move gold prices upward, too.
"If trade negotiations stall, global tensions worsen, or the stock market corrects and pushes interest rate expectations lower, then gold could break through to new highs," Nadelstein says.
If you do choose to this June, there are . You can buy , purchase physical or, if you're saving for retirement, consider a . If you're not sure which option is best for your , talk to an investment professional or financial advisor. They can help you make the right moves for your portfolio, even during this unpredictable gold price climate.
