COMEX gold futures down 1.31% at USD 3,331/oz, up 0.54% for the week. COMEX silver futures up 0.91% at USD 33.331/oz, up 9.24% for the week.

COMEX gold futures down 1.31% at USD 3,331/oz, up 0.54% for the week. COMEX silver futures up 0.91% at USD 33.331/oz, up 9.24% for the week.

The gold and silver futures markets experienced notable movements in the week ending June 7, 2025. COMEX gold futures closed at USD 3,331 per ounce, representing a 1.31% decrease from the previous week's close, despite a 0.54% gain over the week. This volatility underscores the ongoing market dynamics influenced by various factors.

COMEX silver futures, on the other hand, demonstrated a more robust performance. Silver futures closed at USD 33.331 per ounce, up 0.91% from the previous week's close. This represents a significant 9.24% increase over the week, highlighting the growing interest in silver as an alternative investment.

The latest data from the World Gold Council [1] indicates that gold-backed ETFs globally reported modest outflows in May, totaling 19 tonnes and $1.8 billion. This marks the first time in five months that gold-backed ETFs have seen outflows, driven by a combination of gold price consolidation and improved risk appetite due to easing trade tensions. Despite these outflows, the year-to-date flows remain positive, with a total of 322 tonnes of metal entering gold-backed funds.

The U.S. funds led the global outflows, decreasing their holdings by 15.6 tonnes, while European ETFs reported inflows of 1.6 tonnes. Asian funds, which had seen the highest monthly increase in April, experienced outflows of -4.8 tonnes in May, driven by a cooling of trade tensions and investor profit-taking.

The gold market trading volumes averaged $363 billion per day in May, 18% lower month-on-month but significantly higher than the 2024 average of $233 billion per day. Total COMEX gold futures net longs reached 551 tonnes at the end of May, representing a mild 3% decline month-on-month. Money manager net longs saw a mild 1% monthly rebound to 365 tonnes, driven mainly by a larger decline in total shorts compared to longs.

The silver market, while not as heavily influenced by ETF flows, has seen significant interest due to its industrial applications and potential as a safe-haven asset. The recent performance of silver futures reflects this interest, with prices climbing substantially over the week.

In conclusion, the gold and silver futures markets continue to exhibit dynamic behavior, driven by a mix of geopolitical events, economic indicators, and investor sentiment. The outflows in the gold ETF market and the robust performance of silver futures highlight the diverse investment strategies and risk appetites prevalent in the market.

References:
[1] https://www.fxstreet.com/analysis/gold-etf-momentum-eased-in-may-with-modest-outflows-202506061644
[2] https://seekingalpha.com/news/4456130-global-gold-etf-flows-turn-negative-in-may-total-outflows-hit-18-billion
[3] https://longportapp.com/en/news/242998237