Gold and silver enter Q2 consolidation after Q1 slump, with gold down 12% and silver 18%
AI Market Summary
Gold and silver are entering Q2 after steep Q1 drawdowns (gold -12%, silver -18%), with spot prices consolidating near recent lows. The pullback is attributed to a stronger USD (DXY above 102) and firmer hawkish Fed expectations as inflation remains elevated, raising real-rate headwinds for non-yielding metals. Near-term positioning appears more cautious as profit-taking and tighter policy expectations dominate safe-haven narratives.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-2.27%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Gold and silver posted steep pullbacks in Q1, with gold down 12% for its worst quarterly showing in 13 years and silver down 18% for its weakest in four years. On June 30, COMEX gold was 28% below its January peak, while silver was down 59.5%. Analysts attributed the slide to a stronger dollar—after the dollar index broke above 102 to a 13-month high—alongside increasingly hawkish signals from the Federal Reserve. Gold was steady at $4047 an ounce, while silver edged down to $59 an ounce.
