Precious metals prices were mixed for the month. Gold jumped 3.7% to finish just under $1,800, its highest level in nearly nine years. Silver, which had a volatile month fluctuating over $1.20 between its high and low, ultimately finished June relatively flat. Platinum fell 3.7% and palladium finished flat as well.
Stocks dominated market news as they continued to recover after crashing in late March, while also having their best quarter in decades. For the month, the Dow ad S&P rose 1.7% and 1.8% respectively. The Nasdaq soared 6% in June as tech stocks continued to surge due to the lock down. The Dow and S&P 500 finished the second quarter up 17.8% and 21.6% while the Nasdaq finished Q2 up 30.6%.
May’s surprisingly good jobs report was the catalyst many investors needed to jump back into equities. The data released on June 5th showed 2.5 million jobs were created and unemployment fell to 13.3%. Stocks surged on the news, pushing the Dow Jones above 27,000 for the first time since early March while gold dropped to a six-week low of $1,675.
Sentiments quickly changed as COVID cases rose significantly in the majority of US states. By June 22, 29 states were reporting spikes in corona virus cases. On June 26th, 44,726 new cases were reported in the US—the most single day cases since the pandemic began. Stocks fells and gold jumped as its safe haven appeal began to shine again. One silver lining is that COVID deaths continued to decrease even as cases spiked. The first few weeks of July will be crucial in seeing how the US responds to surging case numbers, and what that means for economic recovery going forward.