June was a stable month for gold prices. Gold remained close to recent highs without reaching a new all-time high. Silver, on the other hand, had a strong month and settling around USD 36–37 per troy ounce. This increase highlights underlying market strength.

In this monthly newsletter, we summarize market developments in June, take a closer look at the fund's strong performance during the first half of the year, where we top the lists, and provide a shorter outlook for the latter half of 2025.

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