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In this market update, we briefly look back at the past few days, during which the gold price was mainly influenced by news surrounding the peace negotiations with Iran. Markets are still waiting for the outcome, but what will gold do in the meantime? Meanwhile, mints are breaking records with the sale of gold and silver bars and coins. We also examine a notable decision in Malaysia.
Gold prices rose and fell over the past few days in response to news surrounding the peace negotiations between Iran and the United States. During the Pentecost weekend, President Trump announced that a ‘memorandum of understanding’ (a non-binding interim agreement) between the two countries was almost fully negotiated. The positive news pushed the gold price 1.2% higher on Monday to €126,388 per kilogram. Less than a day later, however, the United States once again struck targets in Iran. Since then, the gold price has fallen back below the €124,000 mark.
US Secretary of State Marco Rubio nevertheless stated that a peace agreement could be reached within a matter of days. “While hopes for a peace agreement have offered some support to precious metals prices, fears of inflation continue to linger in the market,” said Ryan McKay, senior commodities strategist at TD Securities, speaking to Bloomberg. He expects that investors following market trends are more likely to sell, making it more probable in the short term that prices will fall rather than rise.
Gold price in euros per kilogram over the past week.
The gold price has been moving sideways for the past two months while markets await a possible end to the war in Iran and the reopening of the Strait of Hormuz. If this crucial shipping route remains closed for a prolonged period, inflation expectations are likely to rise further. As a result, central banks worldwide may raise interest rates more quickly, making government bonds a more attractive safe haven than gold. In addition, gold is highly liquid and easy to sell, meaning that during a crisis it often declines first before rising again in the months that follow.
Would you like to learn more about the correction in the gold price during the current bull market? Then continue reading the Friday 22 May weekly selection.
Gold price in euros per kilogram since the start of 2026 (Year To Date).
Following India’s example, Malaysia has also increased import tariffs on gold in an effort to protect its domestic currency. Many local investors in India and Malaysia purchase physical gold that must be imported. For India, gold is the country’s third-largest import product, accounting for $72 billion over the past 12 months. Would you like to know more about the import tariffs Modi imposed on gold? Then read the market update from 13 May.
The Australian mint The Perth Mint and the British Royal Mint are breaking all records with the sale of coins and bars. With one month remaining in the current fiscal year, The Perth Mint has already exported AUD 40 billion (€25 billion) worth of investment gold and silver. Compared to AUD 31 billion last year, this already represents growth of 29%. In England, The Royal Mint reported a 94% increase in sales of gold coins and an extraordinary 1000% increase in sales of investment silver compared to the same quarter last year.
Sales of coins and bars by The Perth Mint in troy ounces (31.1 grams), with gold shown by the yellow line and values on the left axis, and silver shown by the black line with values on the right axis, through February 2026. Source: The Perth Mint.
In March, The Perth Mint had already reported that it sold 131% more gold investment coins in February and 12% more silver coins compared to January. The peak is clearly visible in the graph. It is important to note that the chart displays weights, while the total sales value is significantly higher because gold and silver prices have risen sharply since 2023.
Holland Gold sells The Perth Mint’s 1 troy ounce gold Kangaroo coins, the 1 troy ounce silver Kangaroo coins, and the 1 kilogram silver coins from the Koala, Kookaburra, and Lunar series. The coins minted in 2026 come directly from The Perth Mint and are packaged in a plastic capsule. The gold Kangaroo coins feature a different design each year and include several authenticity features, such as the tiny “P” mintmark. To celebrate the 40th anniversary of the bullion coin, the 2026 Kangaroo 1 troy ounce gold coin features a special design prominently displaying this milestone year.
