Gold and silver slide to 2026 lows after US strikes Iran
Gold and silver fell sharply to their lowest levels of 2026 after the United States carried out military strikes against Iran. The move followed a period of rising geopolitical tension in the Middle East and triggered a broad selloff across precious metals markets already sensitive to interest rate expectations.
Gold futures dropped during intraday trading after an early rebound. Prices briefly moved back into the 4,330 to 4,340 dollar range at the start of the session, supported by a temporary easing of tensions following a reported ceasefire between Iran and Israel. That recovery quickly reversed after the announcement of US military action, with gold sliding to around 4,240 dollars before stabilizing near 4,265 dollars. The session marked a decline of more than 70 dollars at its lowest point.
Silver experienced a deeper percentage loss, falling to 64.25 dollars and marking a fresh low for 2026. The decline extended a broader downward trend that began after strong US employment data earlier in the month. That report shifted expectations around monetary policy and reinforced pressure on non-yielding assets such as precious metals.
Market sentiment was further shaped by the US dollar, which strengthened above the 100 level on the index. A stronger dollar increased pressure on gold and silver by making them more expensive for international buyers. At the same time, investors reassessed the role of safe haven assets as geopolitical escalation coincided with concerns that energy disruptions through key shipping routes could sustain inflation and keep interest rates higher for longer.
Attention now turns to upcoming inflation data expected midweek. Forecasts suggest consumer price growth remaining well above central bank targets, reinforcing the possibility of tighter monetary conditions. Higher interest rates typically reduce demand for precious metals, adding another layer of pressure to a market already driven lower by rapid shifts in geopolitical risk and macroeconomic expectations.
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