Gold Breaks Below $4,000
Gold closed below $4,000 per ounce on Wednesday for the first time since November 2025, settling at $3,990.30. Prices recovered slightly Thursday morning, trading around $4,005 after the PCE inflation report came in. Gold is now about 29% below its January all-time high of $5,589.
The week started with a global tech sell-off on Tuesday that dragged gold down $80.79 to $4,121.40. A stronger dollar and growing expectations of a Fed rate hike then pushed prices through $4,000 on Wednesday.
The pullback has compressed premiums on some products. Check current gold prices and premiums to see where dealers are pricing inventory today.
Silver Hit Harder
Silver lost more ground than gold this week, falling from the mid-$65 range early in the week to $57.60 at Thursday’s open. July futures touched $57.04, the lowest print since December 2025.
The gold-silver ratio has widened back toward 70:1 after spending much of early 2026 compressed below 50:1 during silver’s run to $121 in January. Despite the weekly drop, silver is still roughly 56% higher than a year ago. Current silver prices and dealer premiums are updated in real time on our comparison pages.
Why Prices Fell
The Fed is the main story. At the June FOMC meeting, nine of 18 committee members projected at least one rate hike before year-end. Chair Kevin Warsh withheld his own rate projection from the dot plot, the first Fed chair to do so in 14 years, but the committee’s hawkish lean was enough to send the dollar to its highest level in over a year. Markets now price a 66% chance of a hike by December.
A stronger dollar makes gold and silver more expensive for foreign buyers. Higher rates also increase the cost of holding metals that pay no yield, which tends to push money into Treasuries and other interest-bearing assets instead.
Easing Middle East tensions, including progress on Iran peace talks, also took some of the risk bid out of gold.
On the other side of the ledger, the World Gold Council reported that a record 45% of central banks plan to add gold to their reserves, which puts a floor under wholesale demand even during weeks like this one.
COMEX and Shanghai: Physical Premiums Hold
While futures prices fell, Shanghai physical premiums stayed elevated. Silver on the Shanghai Gold Exchange traded $10 to $20 per ounce above COMEX this week, with the spread reaching close to 10% at times. Shanghai gold premiums averaged about $17 over London spot.
Normally, traders would buy cheaper metal in New York or London and ship it east to close that gap. That is not happening because physical silver inventories are too tight to support the flows, and China’s export licensing rules (in effect since January 1, 2026) limit how much metal can leave the country. China exported roughly 5,100 tons of silver in 2025, a 16-year high, but the licensing regime gives Beijing a lever to tighten the spigot at any time.
When futures fall but physical premiums hold, it tells you that buyers with actual delivery needs are not stepping back. Track the Shanghai spread on our Shanghai silver price page.
US Mint: Proof Silver Eagle Back on Sale
The Mint resumed sales of the 2026-W Proof Silver Eagle on June 24. This coin debuted February 26 at $173 and sold through its initial allocation in about 17 minutes, moving 295,410 of the 500,000 mintage. The Semiquincentennial edition carries dual dates (1776~2026) and a Liberty Bell “250” privy mark. Compare current Silver Eagle prices from online dealers.
Other June releases: the Best of the Mint Mercury Dime Gold and Silver Medal Set (June 4, limited to 30,000 sets) kicked off a new series pairing 1/10 oz gold coins with 1 oz silver medals based on classic US coin designs. The 2026 Silver Proof Set (June 11, $245, 10 coins struck at San Francisco) sold out shortly after release. Coming June 30, the 2026 Uncirculated Coin Set is the only way to get uncirculated 1776~2026 Lincoln cents and the first set with all five Semiquincentennial quarters.
Auction and Collecting
Stack’s Bowers is running its June Showcase Auction alongside the Whitman Expo in Baltimore, with over 3,200 lots across seven sessions. Among the highlights: a 1921 Harding Inaugural medal in silver (fewer than 10 known), a 1945 Roosevelt Inaugural gold medal that FDR presented to Saudi King Ibn Saud, and 122 lots of physical cryptocurrency including Casascius and Lealana pieces.
At Heritage Auctions on June 15, an 1881-S Morgan dollar graded PCGS MS67 with a Gold CAC sticker sold for $19,520.
The Perth Mint released its Stranger Things collaboration series this month alongside new entries in the Wonders of Australia and Lunar programs.
Dealer Notes
The Bullion Bank received the Top Precious Metal Dealer 2026 award from Metals and Mining Review Magazine.
Weeks like this one move dealer premiums and buyback spreads in real time. If you are looking to buy, check spot prices when comparing dealers. If you are selling, get quotes from multiple sources before locking in, because spreads tend to widen when prices are swinging this fast.
