Gold and Silver Prices: June–July 2026 Recap

By Keyhan Exchange. Market data current through July 31, 2026.

Figures reflect the sources cited in the table and throughout this article; see the full source list at the end of this post.

How did gold perform in June and July 2026?

Gold fell sharply in June 2026 and partly recovered in July.

Spot gold fell more than 11% in June, its fourth consecutive monthly decline. A stronger dollar and rising Fed-hike bets weighed on the metal (Reuters, via Kitco, June 30, 2026). July reversed part of that: spot gold rose about 1% for the month, its first monthly gain since February, according to Investing.com's monthly recap (Investing.com, July 31, 2026).

Within that window, gold touched $4,001.80 on June 25, its lowest level in months. It had fallen about 7% year-to-date as of June 26, on the World Gold Council's LBMA-consistent tracking (World Gold Council, Mid-Year Outlook 2026). Gold's front-month futures contract also rolled from June to August during this stretch. On the August contract, gold opened July 1 at $4,025 and July 31 at $4,102.40, a same-contract gain of about 1.9% (Yahoo Finance, July 1 and July 31, 2026). Gold broke back above $4,100 on July 31, its first time in roughly a month, after the US paused airstrikes on Iranian targets overnight and the Fed held rates steady that same week.

This article uses spot gold for the June and July monthly comparison, and the LBMA Gold Price PM for the January record and June low. Spot and futures markets recorded different January 29 highs, because they measure different instruments and trading windows: the LBMA fix was $5,405.00, while the World Gold Council separately reported a $5,595.47 intraday spot high the same day.

How did silver perform in June and July 2026?

Silver fell even harder than gold in June.

Reuters snapshots show spot silver falling from $74.92 per ounce on June 2 to $59.00 on June 30, a decline of about 21% (Reuters, via Yahoo Finance, June 2, 2026; Reuters, via Kitco, June 30, 2026). Higher bond yields, a stronger US dollar, and weaker central bank support for silver than for gold were all cited as pressures during this stretch. Silver generally does not benefit from sustained central-bank reserve demand the way gold does.

A later Reuters snapshot put spot silver at $57.29 on July 31, about 2.9% below the June 30 figure (Reuters, via Business Recorder, July 31, 2026). Spot silver has no single official daily close, so this, like the June comparison, is an approximate snapshot-to-snapshot change rather than an official monthly return.

For context, silver's September futures contract moved differently over the same window: it opened at $58.77 on June 30 and $59.26 on July 31, a roughly 0.8% rise, despite briefly dipping to $57.94 within the first hour of trading that day (Yahoo Finance, June 30 and July 31, 2026). Futures and spot prices don't always move in the same direction over a given stretch, even for the same metal.

On January 29, March-delivery Comex silver futures reached a record $120.565, according to Kitco.

Why did both metals fall so far from their January records?

Analysts pointed to three main pressures: a change in who runs the Federal Reserve, a swing in war-related inflation expectations, and a reversal in investor fund flows.

Kevin Warsh was confirmed by the US Senate as the new Federal Reserve chair on May 13, 2026, and sworn in on May 22 (Federal Reserve Board, May 22, 2026). Markets read Warsh as more hawkish than his predecessor. By early June, traders were pricing roughly even odds of a rate increase later in the year. Year-end rate forecasts climbed to 3.87%, the highest since mid-March (BullionVault, June 5, 2026, citing Metals Focus). Higher expected rates make non-yielding assets like gold and silver less attractive relative to bonds.

Many expected the Israel-Iran war to drive safe-haven buying. Instead, it initially pushed prices the other way: Metals Focus noted the conflict "added downward pressure by raising inflation expectations, lifting sovereign yields and strengthening the case for higher interest rates" (BullionVault, June 5, 2026). Gold rose again in late July, when the US paused airstrikes on Iranian targets and the Fed held rates steady, together helping push gold back above $4,100.

Fund flows were mixed rather than a single downtrend. Physically backed gold ETFs took in a record $89 billion globally in 2025: about $51 billion in North America, $25 billion in Asia, and $12 billion in Europe (World Gold Council, Gold ETF Flows, January 2026). That reversed in June 2026, when global gold ETFs saw $8.9 billion in outflows. Even so, the first half of the year closed with roughly $8 billion in net inflows (World Gold Council, "H1 flows remain positive," July 2026). July brought a partial rebound: global gold ETFs added $3 billion, reversing two straight months of outflows (World Gold Council, "Europe's golden heatwave," August 2026).

China's purchases provided one counterweight to those weaker investment flows. Its central bank's gold-buying streak reached 21 consecutive months in July, with a 20-tonne addition that was its largest monthly purchase since October 2023 (World Gold Council, China Gold Market Update, August 2026, citing People's Bank of China data).

What were analysts forecasting at the end of July 2026?

As of July 31, institutional forecasts remained widely dispersed. The following reflects views reported during June and July, and may have changed since then.

Gold forecasts varied widely. Goldman Sachs analyst Samantha Dart said "gold is not done" in a note over the weekend of June 27–28, reported in Yahoo Finance's June 30 roundup. She projected a possible move to $4,900 per ounce, citing structural demand and sustained central bank buying. J.P. Morgan had projected gold at $6,000 per ounce by year-end as recently as June 9. On July 3, however, the bank reduced its outlook to $4,300 per ounce for the third quarter and $4,500 for the fourth quarter. It cited weaker-than-expected demand and said the risks remained tilted to the downside if the Federal Reserve raised rates earlier than expected, while retaining a longer-term bullish view for 2027 (Reuters, July 3, 2026).

The World Gold Council frames its own outlook as scenarios, not a price forecast. Its reference point is the average LBMA Gold Price for the week ending June 26, 2026, about $4,100/oz. Relative to that (World Gold Council, Mid-Year Outlook 2026):

• Macro consensus: roughly ±5%
• Uptrend: +5% to +20%, potentially toward $4,500, with stronger catalysts pointing near $5,000
• Price consolidation: -5% to -15%

Silver forecasts also varied widely. LBMA's 2026 survey asks each analyst for both a full-year average price forecast and a separate high-low trading range; the figures below are the average forecasts only. Those averages span $44.25 (Bart Melek, TD Securities) to $125 (Julia Du, ICBC Standard Bank). Four individual average forecasts fall between $79 and $83.30: Suki Cooper ($79, Standard Chartered), Philip Newman ($83, Metals Focus), Kirill Kirilenko ($83, CRU International), and Emmanuel Munjeri ($83.30, Bloomberg Intelligence) (LBMA, 2026 Forecast Survey). Separately, the Silver Institute projected weaker industrial fabrication demand for 2026, down about 2% to a four-year low near 650 million ounces, as thrifting and substitution cut into solar-panel silver use even as installations keep rising (Silver Institute, February 2026).

Forecasts aren't guarantees, and none of this is financial advice. Treat them as a range of professional opinion, not a prediction of what will happen at the counter.

What does this mean if you're selling gold or silver in Rosemère, Laval, or Terrebonne?

The prices above are international benchmarks. They inform, but aren't the same as, Keyhan Exchange's final Canadian-dollar offer. Keyhan's own buying price is calculated from live market rates and its current buying policy, converted to Canadian dollars. An 18-karat item contains less pure gold than a 24-karat item of the same weight, so an evaluation depends on both purity and weight, followed by Keyhan's current buying price and in-branch review. The evaluation happens in branch, transparently, using a certified machine, and the final offer is confirmed after your items are reviewed.

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