Gold and silver prices swung between gains and losses on Tuesday, 30 June, but remained tilted to the downside as a stronger US dollar and growing expectations of further US Federal Reserve interest rate hikes continued to weigh on precious metals, pushing them toward double-digit monthly losses.
The Comex gold futures contract tumbled $83 per troy ounce, slipping below the key $4,000 mark to an intraday low of $3,955, the lowest level since November. This marks the second time in June that the yellow , and it is on track to end the month with a decline of nearly 12%.
Silver futures on Comex fell as much as $1.63 per ounce to an intraday low of $57 before staging a sharp recovery. The white metal erased all its losses and was trading 2.5% higher at around $60 per ounce.
Silver, which is typically more volatile than gold, has fallen 21% so far in June. Since the outbreak of the conflict in late February, gold has declined 24%, while silver has slumped 38%, underscoring the sharp correction across precious metals.
Although geopolitical tensions in West Asia have eased, expectations of higher US interest rates have kept investors away from non-yielding assets such as gold and silver. Rising rate-hike bets have also strengthened the US dollar, making precious metals more expensive for holders of other currencies.
New Federal Reserve Chair Kevin Warsh surprised markets with a hawkish stance at his first policy meeting last week, reinforcing expectations that interest rates could remain higher for longer. Traders are currently pricing in around a 65% probability of a rate hike in September, according to the CME FedWatch Tool.
Meanwhile, the US Dollar Index was trading at 101.1 on Tuesday after retreating from a 15-month high of 101.6.
In the Middle East, hopes of renewed diplomatic progress also faded after reports suggested that , who had arrived in Doha following fresh escalations over the weekend.
Looking ahead, investors will closely monitor the ADP employment report due on Wednesday and the US non-farm payrolls data on Thursday for further clues on the Federal Reserve’s policy path.
Worst quarter in over a decade
Gold is on track to end the second quarter of 2026 down 13.5%, marking its worst quarterly performance in 13 years. The metal is also set to snap a six-quarter winning streak, during which it had rallied 76%, after touching a record high of $5,626 in January.
Silver has also tumbled nearly 20% during the quarter and is heading for its first quarterly decline in five quarters.
Both gold and silver started the year on a strong note, climbing to record highs in January. However, the rally lost momentum after the conflict erupted in late February, with selling pressure intensifying amid rising bond yields and a stronger dollar.
MCX gold slips below ₹1.41 lakh; silver recovers sharply
Tracking volatility in the international market, the near-month gold futures contract on the MCX dropped nearly ₹2,000 per 10 grams to an , the lowest level since November.
The bullion has declined around 8% so far in June and is on track to register a modest quarterly loss of 5.3%.
, meanwhile, recovered sharply on the MCX, rallying ₹10,553 per kilogram from the day’s low to hit an intraday high of ₹2,30,800. Despite the rebound, the metal remains on track to end June with losses of around 14%.
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