Gold and silver prices swung between gains and losses on Tuesday, 30 June, but remained tilted to the downside as a stronger US dollar and growing expectations of further US Federal Reserve interest rate hikes continued to weigh on precious metals, pushing them toward double-digit monthly losses.
The Comex gold futures contract tumbled $83 per troy ounce, slipping below the key $4,000 mark to an intraday low of $3,955, the lowest level since November. This marks the second time in June that the yellow metal has fallen below $4,000, and it is on track to end the month with a decline of nearly 12%.
Silver futures on Comex fell as much as $1.63 per ounce to an intraday low of $57 before staging a sharp recovery. The white metal erased all its losses and was trading 2.5% higher at around $60 per ounce.
Silver, which is typically more volatile than gold, has fallen 21% so far in June. Since the outbreak of the conflict in late February, gold has declined 24%, while silver has slumped 38%, underscoring the sharp correction across precious metals.
Although geopolitical tensions in West Asia have eased, expectations of higher US interest rates have kept investors away from non-yielding assets such as gold and silver. Rising rate-hike bets have also strengthened the US dollar, making precious metals more expensive for holders of other currencies.
New Federal Reserve Chair Kevin Warsh surprised markets with a hawkish stance at his first policy meeting last week, reinforcing expectations that interest rates could remain higher for longer. Traders are currently pricing in around a 65% probability of a rate hike in September, according to the CME FedWatch Tool.
Meanwhile, the US Dollar Index was trading at 101.1 on Tuesday after retreating from a 15-month high of 101.6.
In the Middle East, hopes of renewed diplomatic progress also faded after reports suggested that Iran was not holding talks with the US envoy, who had arrived in Doha following fresh escalations over the weekend.
Looking ahead, investors will closely monitor the ADP employment report due on Wednesday and the US non-farm payrolls data on Thursday for further clues on the Federal Reserve’s policy path.
Worst quarter in over a decade
Gold is on track to end the second quarter of 2026 down 13.5%, marking its worst quarterly performance in 13 years. The metal is also set to snap a six-quarter winning streak, during which it had rallied 76%, after touching a record high of $5,626 in January.
Silver has also tumbled nearly 20% during the quarter and is heading for its first quarterly decline in five quarters.
Both gold and silver started the year on a strong note, climbing to record highs in January. However, the rally lost momentum after the conflict erupted in late February, with selling pressure intensifying amid rising bond yields and a stronger dollar.
MCX gold slips below ₹1.41 lakh; silver recovers sharply
Tracking volatility in the international market, the near-month gold futures contract on the MCX dropped nearly ₹2,000 per 10 grams to an ₹1,40,450″>intraday low of ₹1,40,450, the lowest level since November.
The bullion has declined around 8% so far in June and is on track to register a modest quarterly loss of 5.3%.
Silver, meanwhile, recovered sharply on the MCX, rallying ₹10,553 per kilogram from the day’s low to hit an intraday high of ₹2,30,800. Despite the rebound, the metal remains on track to end June with losses of around 14%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
