Gold and silver prices hovered below key psychological markers ($4,000 and $58, respectively) amid monetary tightening and dollar appreciation. After a record rise in 2025 (by 66% and 135%), precious metals faced serious pressure: since the beginning of 2026, gold has fallen by 7.7% and silver has lost 20% of its value.

Macquarie’s strategists and the OCBC link the current correction to the apparent end of geopolitical tensions in the Middle East and expectations of a Fed rate hike by September. High real bond yields reduce the attractiveness of metals as a hedge asset. Analysts warn that under such conditions, any rebound will quickly fade away, and silver remains particularly vulnerable to sharp and deep sales.

Despite a drop of around 24% from the historic high, some experts remain optimistic. The co-founder of RiskReversal Media, Guy Adami, believes that inflationary risks have not gone anywhere, and gold will return to the faor after a change in the macroeconomic cycle. Fundamental demand also remains strong: according to the World Gold Board, 90% of central banks plan to increase their gold reserves next year. However, Macquarie maintains a forecast of an average gold price of $4,641 in 2026, with a subsequent decline to $4,200 in 2027.