Gold Falls Below $4,000 and Silver Below $60 as Pressure Mounts on Precious Metals
Gold and silver falls again on Wednesday morning as ING has cut its gold and silver price forecasts for the second half of 2026, citing a stronger U.S. dollar and elevated bond yields that have pushed gold below $4,000 an ounce
Gold falls again on Wednesday morning, as it currently trades around the $4,000 mark at the time of this article's publication. Silver has also fallen to around $58.
The precious metals complex is facing stiff headwinds as a resurgent U.S. dollar and climbing bond yields push gold beneath the $4,000 floor, prompting ING to sharply revise down its price outlook for both metals.
Gold has tumbled to a fresh 2026 low, while silver has slipped under $60 per ounce, a correction that has caught some market participants off guard following January's record peaks. Ewa Manthey, commodities strategist at ING, noted that this selloff underscores just how forcefully markets have pivoted toward pricing in tighter monetary conditions and potentially higher interest rates in the future.
The recalibration follows the Federal Reserve's latest policy gathering. Although the central bank left borrowing costs untouched, they announced their openness to a rate increase before the year-end. Fed Chair Kevin Warsh reiterated that taming inflation remains his overriding objective. Traders are now betting on a hike as soon as September, with growing conviction around a second move by December.
Due to this problem, ING has trimmed its gold forecast for the second half of the year. The bank now sees gold averaging $4,300 per ounce in the third quarter of this year, and only $4,600 in the fourth, down from earlier projections of $4,850 for Q3 and $5,000 for Q4.
Despite the more skeptical predictions, Manthey stressed that gold’s structural foundations remain in place. Central bank purchasing is still alive and well, reserve diversification continues apace, and geopolitical risks is not as high as it used to be. However, she conceded that stronger yields and diminished investor appetite are proving to be more formidable obstacles than the bank had previously anticipated.
Gold and silver are not the only precious metals that got hit recently. Platinum and Palladium are also trading lower, with losses over 5% in the past 24 hours alone.