Both gold and silver continue to cool off, falling to new 2026 lows and their weakest levels since the fourth quarter of 2025.
Why Gold and Silver Have Fallen to New Lows Higher U.S
Treasury yields: Rising bond yields increase the opportunity cost of holding non-yielding assets like gold and silver, encouraging investors to move money into fixed income. Stronger U.S. dollar: The more hawkish Federal Reserve has boosted the dollar, making precious metals more expensive for foreign buyers and reducing demand. Reduced safe-haven buying: Geopolitical concerns have eased somewhat, while stock markets have remained resilient, leading investors to trim defensive positions in precious metals.
Higher-for-longer Fed expectations: Markets have pushed back the timing of rate cuts, and some investors are even discussing the possibility of another hike, putting additional pressure on precious metals. Silver’s industrial exposure: Unlike gold, silver is also an industrial metal, so concerns about slower global manufacturing growth have created another headwind. The Technical Picture Technically, both metals have remained below their 100- and 200-bar moving averages on the four-hour charts since mid-May, keeping the bias firmly tilted to the downside.