Gold fell as much as 3.5% to $4,315/oz, its lowest since March, erasing 2026 gains after a strong US May nonfarm payrolls print pushed Treasury yields and the dollar higher and lifted Fed rate hike odds. US gold futures dropped over 3.2% to $4,342/oz, with CME FedWatch now pricing about a 68% chance of a December hike versus roughly 50% pre-data. Since the Iran war began and the Strait of Hormuz closure drove energy prices up, bullion has slid nearly 18%, raising the cost of carry for non-yielding gold.

Tungsten producer Almonty Industries is issuing US$700 million of 2.25% senior convertible notes, convertible at US$27.40 per share with a capped call at US$41.36, to fund about US$543 million of working capital plus US$50 million of debt refinancing, causing an 18% share price drop to roughly US$17.20. The notes, offered to qualified institutional buyers and settling on 9 June 2026, include an option for a further US$100 million. Funding supports ramp-up at the Sangdong mine in South Korea, where a 640,000 t/y plant targets 2,300 t/y tungsten concentrate, with Phase 2 aiming for 1.2 Mt/y and 4,600 t/y output.

Central banks returned to net gold buying in April, adding 17 tonnes to reserves after March’s net sales, with bullion trading near record highs at about $4,390/oz, according to the World Gold Council. Poland and China led purchases with 14 tonnes and 8 tonnes respectively, while the Czech Republic added 3 tonnes in its 38th consecutive monthly buy and Russia and Uzbekistan sold 6 tonnes and 1 tonne. Emerging-market banks in Eastern Europe and Asia have averaged 29 tonnes of net monthly purchases over the past three years, signalling persistent official-sector demand for mined gold.