Gold Suffers Its Worst Quarter Since 2013 as Silver Falls Even Harder
Key Facts
- Gold fell 0.90 percent to about 3,971 dollars on June 30. It stayed well below the 4,000 line it lost in June.
- Silver dropped 1.76 percent to about 57.48 dollars, near its lowest since December.
- Gold fell roughly 15 percent over the quarter, from near 4,700, by The Rio Times’ calculation.
- That was its steepest three-month drop since 2013.
- The weight remains a strong dollar and the prospect of higher US interest rates.
- A US jobs report on Thursday is the next major test.
Today’s Focus
Gold and silver limped across the finish line of a punishing quarter, both slipping again on the final day. Neither metal has found a level where buyers are willing to step in with conviction.
The forces pushing them down have not changed for weeks. Until the outlook for interest rates or the dollar shifts, every attempt to bounce keeps running out of steam.
01 A quarter to forget
The scale of the decline is what stands out. Gold began the three months near 4,700 dollars and ended them close to 4,000, a fall of roughly 15 percent.
That makes it gold’s worst quarter since 2013, a striking reversal for a metal that had soared to a record of 5,589.38 dollars in January. The retreat has been steady rather than a single crash.
Silver has fared even worse. It has given back most of the enormous gains it made during its 2025 run, sliding back toward levels last seen in December.
02 Why the pressure persists
The explanation is the same one that has driven the market for months. A calmer Middle East has drained the fear that once sent investors rushing into gold as a safe place to hide.
At the same time, the prospect of higher US interest rates has grown. Neither gold nor silver pays any income, so when bonds and savings offer more, holding metal that earns nothing looks less appealing.
A strong dollar compounds the problem. Because both metals are priced in dollars, a firmer currency makes them more expensive for buyers elsewhere, sapping demand further.
The trend is clearly down, and repeated failed bounces show sellers remain in control while rate expectations stay high. A durable bottom most likely needs the dollar to soften or worries about higher rates to fade.
03 Silver takes the harder hit
Silver’s steeper fall is worth dwelling on. The metal carries two jobs at once, acting both as a store of value like gold and as an industrial material used in solar panels, electronics and electric cars.
When fears about interest rates dominate, its store-of-value side suffers alongside gold. But silver tends to fall further, because its wilder swings punish the investors who had crowded in during last year’s boom.
The result is that silver has cheapened sharply against gold. It now takes far more ounces of silver to buy an ounce of gold than it did at the start of the year.
04 Will the metals bottom?
This is the question every holder is asking, and the market genuinely cannot agree. The bearish case is straightforward: a Federal Reserve leaning toward rate rises, a firm dollar, and money flowing instead into shares.
The other side argues the fall has gone too far. Central banks have been steady buyers for four years running, China’s appetite is building rather than fading, and every drop lowers the average cost for those buying gradually.
Both can be true at the same time, which is why the price keeps lurching without settling. A genuine floor probably waits on a change in the interest-rate story rather than anything in the metals themselves.
05 The session in numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| Gold (oz) | 3,971 | −0.90% | Below 4,000 |
| Silver (oz) | 57.48 | −1.76% | Near December lows |
| Gold, past quarter | ~4,700 | −15% | Worst since 2013 |
| Gold from Jan peak | ~5,589 | −29% | Deep drawdown |
| Silver from Jan peak | ~121 | −52% | Less than half |
Both metals are quoted in US dollars an ounce; negative cells use a true minus sign and burgundy to mark a fall.
Live Market IntelligenceCommodities — Live Market Board
Rio Times · Live Market Intelligence
Commodities — Live Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 4,461 | +1.78% | +33.20% | 4,383 | 4,503 | 4,421 | 139,824 |
| SILVER | 65.59 | +1.26% | +73.05% | 64.77 | 66.98 | 64.81 | 46,406 |
| BRENT | 88.88 | -0.03% | +34.42% | 88.91 | 90.07 | 88.12 | 29,713 |
| WTI | 83.11 | -0.11% | +31.57% | 83.20 | 84.35 | 82.40 | 166,848 |
| COPPER | 6.61 | +0.03% | +46.70% | 6.61 | 6.71 | 6.61 | 39,543 |
| LITHIUM | 75.20 | +1.47% | +62.95% | 74.11 | 75.80 | 75.08 | 89,275 |
| IRON ORE | 161.91 | — | +58.10% | 161.91 | 161.91 | 1 | |
| SOY | 1,184 | +3.20% | +17.05% | 1,148 | 1,199 | 1,168 | 163,179 |
| CORN | 480.50 | +10.02% | +29.34% | 436.75 | 480.75 | 459.50 | 341,248 |
| WHEAT | 655.00 | +3.93% | +29.70% | 630.25 | 657.75 | 631.50 | 128,793 |
| COFFEE | 317.25 | -5.51% | +0.67% | 335.75 | 321.20 | 313.55 | 21,747 |
| SUGAR | 16.43 | -1.79% | -3.01% | 16.73 | 17.11 | 16.22 | 171,992 |
| COCOA | 5,719 | +3.18% | -34.96% | 5,543 | 5,779 | 5,574 | 26,773 |
| ORANGE JUICE | 138.55 | -0.47% | -45.38% | 139.20 | 141.05 | 137.50 | 703 |
| COTTON | 85.03 | +2.33% | +26.78% | 83.09 | 82.90 | 81.96 | 16,546 |
| BEEF | 223.60 | -3.93% | -5.18% | 232.75 | 226.40 | 223.00 | 16,126 |
| CATTLE | 339.10 | -3.16% | -1.82% | 350.17 | 345.50 | 338.60 | 10,164 |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
06 What to watch next
The immediate focus is Thursday’s US jobs report, released early before the July 4 holiday. A strong figure would harden expectations of rate rises and likely send the metals lower again.
A weak reading would do the opposite, easing the pressure and giving gold and silver room to steady. The dollar’s reaction will be the quickest guide to how markets read the number.
Beyond the data, the longer-term supports remain in place, from central-bank buying to silver’s tight supply. For now, though, the metals are trading the interest-rate story, and that story still points down.
07 Connected coverage
For the wider market backdrop, see the Global Economy Briefing.
Frequently Asked Questions
Where did gold and silver close on June 30, 2026?
Gold fell 0.90 percent to about 3,971 dollars an ounce, holding well below the 4,000 mark. Silver dropped 1.76 percent to about 57.48 dollars, near its lowest since December.
Why do the metals keep falling?
The same forces have been at work for weeks. A calmer Middle East has drained gold’s safe-haven appeal, while the prospect of higher US interest rates and a strong dollar makes metal that pays no income harder to hold.
How bad has the quarter been?
Brutal: gold entered the three months near 4,700 dollars and left them close to 4,000, its steepest quarterly fall since 2013. Silver has slid even harder, giving back most of the huge gains it made in 2025.
What is the next big test?
A US jobs report due Thursday, brought forward before the July 4 holiday. A strong reading would strengthen the case for rate rises and likely push the metals lower again, while a weak one could offer some relief.
Are precious metals near a bottom?
The market is split. Bears point to the Fed leaning toward higher rates and a firm dollar, while those calling a floor note that central banks keep buying, China’s demand is building, and every fall lowers the average cost for long-term holders.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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