Gold and silver price movements

What happened: Gold and silver prices experienced a volatile period in late May and June 2026. Silver prices surged nearly 10% in a week starting June 17, while gold and silver mining ETFs rallied on May 6 due to a combination of a weakening U.S. dollar, easing crude oil prices, and broad precious metals surge. However, silver prices later fell 9.1% in a week starting June 26, with gold and silver prices tumbling on various occasions due to hawkish central banks, inflation fears, and rate-hike expectations. Despite these fluctuations, gold and silver reached multiyear highs in 2026, with gold up 3.4% and silver up 12.98% in the past six months as of press time.

Market impact: The precious metals sector experienced significant price movements, affecting mining companies and ETFs tied to gold and silver. Gold and silver mining ETFs surged on May 6, while specific mining companies likely benefited from the rally. Conversely, the subsequent price drops negatively impacted these companies and ETFs. Investors with exposure to precious metals, either directly or through ETFs, were affected by these price swings.

What to watch next: Upcoming catalysts include the Federal Reserve's interest rate decisions, which could influence gold and silver prices due to their impact on the U.S. dollar and inflation expectations. Additionally, geopolitical events such as U.S.-Iran relations and crude oil prices may continue to drive precious metals prices. Technical levels, such as key price thresholds for gold and silver, will also be crucial to monitor as the narrative evolves.