Precious metals market performance

Notes

• Precious metals (gold and silver) experienced significant price declines in the second quarter of 2026.
• Comex gold recorded a 14.4% quarterly fall, closing at $4,021.8, marking its worst quarterly performance in 13 years.
• Comex silver declined by 21.88% to close at $59.04.
• Market factors contributing to the decline include a hawkish U.S. Federal Reserve policy, a strengthening U.S. Dollar, and geopolitical uncertainty surrounding the U.S.-Iran situation.
• Domestic markets mirrored global trends: MCX gold fell 11.49% to ₹1,42,546/10-gram; MCX silver fell 16.58% to ₹2,28,665/kg.
• Technical analysis indicates a bearish trend for both metals, with gold and silver breaching key support levels in both international and domestic exchanges.
• Short-term outlook remains negative for Comex gold (target range $3,750-$3,850) and Comex silver (support zone $54-$56) unless specific resistance levels are breached.