Precious metals faced pressure in the first half of 2026 as markets repriced the Federal Reserve’s policy path after the June FOMC dot plot lifted the expected 2026 terminal rate to 3.8%, with nine officials backing a hike before year-end. Middle East tensions pushed energy-led inflation higher, with May CPI at 4.2%, while resilient U.S. employment reinforced expectations for tighter policy. Gold is expected to trade in a $4,000–$4,800 per ounce range, while silver is seen fluctuating between $50–$80 per ounce amid weaker industrial demand but ongoing supply tightness. Continued gold purchases by global central banks are viewed as a medium- to long-term support.