Precious Metals Review

“Gold ​prices fell on Friday, putting the yellow metal on track for a third ‌straight weekly decline, pressured by a firmer U.S. dollar and a hawkish Federal Reserve.

Spot gold was down 0.9% at $4,169.44 per ounce by 1306 GMT, after earlier hitting its lowest level since June 11 at $4,119.78. ​It has been trading below the 200-day moving average since June 5.

The U.S. dollar was headed for a weekly gain, making ⁠greenback-priced metals less affordable for holders of other currencies.

“Gold faces a distinct risk of ​dropping deeper into bear market territory and below the $4,000/oz mark, as the precious metal continues to ​navigate a challenging environment,” said Nikos Tzabouras, senior market analyst at Jefferies-owned Tradu.com.

“Higher-for-longer Fed expectations are toxic for non-yielding assets while benefiting the dollar,” Tzabouras added.

Nine of the U.S. central bank’s 19 policymakers now think they will need ​to raise the Fed’s policy rate this year, according to projections published on Wednesday, when ​the Fed’s board decided to leave the rate in its current 3.50%-3.75% range.

Traders currently see a 70% chance ‌of ⁠a Fed hike by September, according to the CME FedWatch Tool.

Gold’s “trajectory will depend on developments in the U.S.-Iran negotiations, next week’s U.S. inflation update and how markets price the Fed from here”, said Tzabouras.

Adding to uncertainty on whether a lasting truce can be found, Switzerland said U.S. ​talks with Iranian negotiators ​on a pact to ⁠end the Middle East conflict would not take place on Friday, as Vice President JD Vance dropped plans to travel to the European ​country.

Meanwhile, Israel and Hezbollah have agreed on a ceasefire set to begin at 1300 GMT ​on Friday, ⁠a senior U.S. official told Reuters.

Goldman Sachs cut its gold price forecast to $4,900 per ounce by December, from a previous projection of $5,400. It added that its price views remain structurally constructive but tactically ⁠cautious, ​with near-term downside risk and medium-term upside risk.”

“Silver (SI=F) July futures opened at just $68.04 per ounce on Thursday, June 18, 2026, down 3.8% compared to Wednesday’s closing price of $70.76. The silver price is moving down slightly this morning, reaching $67.45 as of 7:27 a.m. ET.

Last week’s headline was ‘more airstrikes’; today’s headline is a signed peace agreement between the U.S. and Iran. The last several months have been like that — day-to-day headlines that seemed to swing from one end of the spectrum to the other.

But silver and gold prices aren’t reacting as positively to the signed “memorandum of understanding” as stock futures have this morning. Gold and silver investors seem more focused on inflation levels catapulted higher by the war and on the Fed seriously considering raising borrowing costs later this year to stem price increases.

The prospects of future rate increases are keeping precious metal prices steady this morning, since higher interest rates usually mean lower prices for gold and silver.

Current price of silver

The opening price of silver futures on Thursday was down 3.8% compared to Wednesday’s closing figure. Here’s how the opening silver price has changed versus last week, month, and year:   

• One week ago: +6.4%
• One month ago: -9.7%
• One year ago: +83.1%

For context, silver’s year-over-year growth was 173.3% on May 14, 2026.”