Physical Demand Trends from the June IPMI and JCK Conferences

Precious Metals Weekly · Issue 661 · 17 June 2026

Metals Focus reports back from two key June gatherings — JCK Las Vegas (jewellery) and the IPMI 50th Annual Conference in Orlando (the wider supply chain) — held against a backdrop of falling prices and a hawkish shift in US rate expectations, with markets now pricing a rate hike by end-2027. At JCK, the high-gold-price environment dominated discussions: yellow gold continued to lead with no sign of the anticipated white-gold revival, mass- and mid-market buyers moved toward lower-carat (including 10-carat) and lightweighted pieces, and bridal saw a modest shift toward platinum. Despite softer unit volumes, higher prices kept wholesaler and retailer revenue steady to improving. The volume weakness is borne out by the data: Q1.26 US gold jewellery consumption in ounce terms fell to the lowest in the series, while 2025 imports dropped more than 40% y/y. Across markets, gold bounced above $4,300 after a US-Iran deal eased rate-hike fears, though gains stayed capped ahead of the FOMC; silver climbed back above $70 (gold:silver ratio down to 62); platinum ETP holdings fell to 3.03Moz, their lowest since April 2024; and palladium CME net managed-money shorts rose to 446koz, the highest since September.