Gold Slips to a Fresh Low as a ‘Death Cross’ Confirms the Downtrend

Key Facts

Gold fell 0.77 percent to about 3,986 dollars on June 29. It slipped back below the 4,000 line after a two-day bounce.

Silver dropped 0.98 percent to about 57.69 dollars, also at a fresh low.

The trigger was renewed US–Iran friction over Gulf shipping, which lifted oil and revived inflation worries.

That fed expectations of higher US interest rates, the main weight on both metals.

Gold is down nearly 30 percent from its late-January peak near 5,600 dollars, by The Rio Times’ calculation.

Silver now trades at less than half its January high near 121 dollars.

Today’s Focus

For two days it looked as if the metals had found their feet, with gold and silver clawing back a little ground. June 29 ended that hope, sending both to fresh lows.

The question every holder is now asking is whether this is the bottom or just another step down. The honest answer is that the market itself cannot agree.

01 Why the bounce failed

The recovery rested on calmer nerves about the Middle East. That calm cracked when the United States and Iran traded fresh friction over shipping through the Gulf, nudging oil higher and reviving worries about inflation.

Higher inflation strengthens the case for higher US interest rates, and that is the single biggest weight on gold and silver. Neither metal pays any income, so when bonds and savings offer more, holding metal that earns nothing looks less attractive.

A firmer dollar piles on the pressure, because it makes dollar-priced metal more expensive for buyers elsewhere. With markets now leaning toward rate rises rather than cuts this year, that headwind has been relentless.

Assessment — a falling market with no agreed floor MEDIUM

The trend is clearly down, and the failed bounce shows sellers still in control while rate expectations stay high. Whether this is the bottom hinges on the Fed and the dollar, not on the metals themselves.

02 The session in numbers

Measure

Level

Change

Read

Gold (oz)

3,986

−0.77%

Back below 4,000

Silver (oz)

57.69

−0.98%

Fresh cycle low

Gold from Jan peak

~5,600

−29%

Deepest of the cycle

Silver from Jan peak

~121

−52%

Less than half

This month (gold)

—

−10%+

Fourth monthly loss

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 BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

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Global

Jun 30, 2026 · 02:45

Brent crude · benchmark

73.46

+0.42%

L 73.25day rangeH 74.06

+8.65% over 12 months

Market breadth · 15 names

53% advancing

8 ▲ advancing7 declining ▼

Currencies, rates & key inputs

Gold

3,993

-0.73%

Silver

57.60

-1.00%

Copper

6.18

+1.37%

Iron ore

161.91

·

WTI crude

70.19

-0.79%

Full instrument board

InstrumentLastChangeYoYPrev.HighLowVolume

GOLD

3,993

-0.73%

+21.20%

4,022

4,037

3,955

36,844

SILVER

57.60

-1.00%

+60.65%

58.17

59.03

57.07

8,746

BRENT

73.46

+0.42%

+8.65%

73.15

74.06

73.25

2,252

WTI

70.19

-0.79%

+7.80%

70.75

70.87

69.93

9,188

COPPER

6.18

+1.37%

+22.88%

6.10

6.20

6.11

5,227

LITHIUM

77.31

+1.82%

+101.33%

75.93

77.42

76.03

231,514

IRON ORE

161.91

—

+71.39%

161.91

161.91

1

SOY

1,141

+2.91%

+11.40%

1,109

1,143

1,138

6,939

CORN

431.75

+7.40%

+2.68%

402.00

432.25

429.25

9,514

WHEAT

583.75

+2.50%

+10.40%

569.50

584.00

577.75

2,858

COFFEE

277.95

-3.07%

-9.39%

286.75

279.55

268.80

—

SUGAR

14.80

+5.87%

-4.39%

13.98

14.90

14.48

—

COCOA

4,991

-0.46%

-46.65%

5,014

5,076

4,856

—

ORANGE JUICE

154.00

+9.30%

-29.24%

140.90

157.50

148.35

—

COTTON

76.66

+6.98%

+15.66%

71.66

78.45

77.55

14,428

BEEF

243.55

-5.40%

+7.83%

257.45

245.60

242.60

22,679

CATTLE

367.25

-0.70%

+18.21%

369.85

370.45

365.58

6,224

USD/BRL

5.17

-0.16%

-5.69%

5.17

5.18

5.17

—

Largest moves today

ORANGE JUICE

154.00

+9.30%

CORN

431.75

+7.40%

COTTON

76.66

+6.98%

SUGAR

14.80

+5.87%

BEEF

243.55

-5.40%

COFFEE

277.95

-3.07%

SOY

1,141

+2.91%

WHEAT

583.75

+2.50%

The session read

The Brent crude rose 0.42%, with breadth positive — 8 of 15 names higher. ORANGE JUICE led, while BEEF lagged.

03 Will the metals bottom out?

This is the real question behind the headline, and the market is split down the middle. The bearish camp points to a Federal Reserve leaning toward rate rises, a strong dollar and investors rotating their money into shares, all of which pull money out of metals that pay nothing.

The other camp argues the fall has gone too far. Central banks have been steady buyers, China’s gold imports have surged, and silver is running through its sixth straight year of supply falling short of demand.

Both can be true at once, which is why the price keeps lurching. A genuine floor most likely needs the interest-rate fear to fade or the dollar to soften; until one of those turns, rebounds are likely to keep failing.

04 Connected coverage

For the wider market backdrop, see the Global Economy Briefing.

Frequently Asked Questions

Where did gold and silver close on June 29, 2026?

Gold fell 0.77 percent to about 3,986 dollars an ounce, slipping back below the 4,000 mark. Silver dropped 0.98 percent to about 57.69 dollars, both setting fresh lows for this cycle.

Why did the brief recovery fizzle out?

Prices had bounced for two days, but that relief reversed. Renewed friction between the United States and Iran over Gulf shipping nudged oil higher and revived worries about inflation, which in turn strengthened the case for higher US interest rates.

Why do higher interest rates hurt gold and silver?

Neither metal pays any interest, so when savings accounts and government bonds offer more, money tends to move away from gold and silver toward yield. A firmer dollar adds to the pressure.

How far have the metals fallen?

Gold peaked near 5,600 dollars and silver near 121 dollars in late January. Gold is now down roughly a quarter from that high and heading for its steepest three-month fall on record, while silver trades at less than half its peak.

Are precious metals close to a bottom?

Opinion is genuinely split. Those expecting more weakness point to the hawkish Fed, a strong dollar and money rotating into shares; those calling a floor point to steady central-bank and Asian buying, a multi-year silver supply shortfall and bargain-hunting at lower prices.

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