Gold holds below $4,000, silver below $60 — has the shimmer worn off the precious metal rally?

One kilogram and a five hundred gram gold bars next to one kilogram silver bars at The Vaults Group gold dealers arranged in Barcelona, Spain, on Monday, April 28, 2025. Bloomberg | Bloomberg | Getty Images Gold and silver prices are holding below key thresholds as hawkish central banks and inflation fears weigh on the metals — and market watchers see little chance of a meaningful rebound in the near term. Spot gold was last seen 0.5% lower at around 4:00 a.m. ET on Thursday, trading at around $3,980.79 an ounce after falling below the $4,000 mark in the previous session. Front-month U.S. gold futures were down by 0.2% to settle at $3986.60. Year-to-date, gold is now down by 7.7%. Stock Chart Icon Stock chart icon Spot gold Silver prices are also coming under pressure. Spot silver was 1% lower at $56.86 per ounce on Thursday morning, while silver futures for July delivery were down by 1.5% at $57.24. Spot silver has lost 20% of its value since the beginning of the year. Stock Chart Icon Stock chart icon Spot silver Precious metals rally stalls Both gold and silver enjoyed record-smashing rallies in 2025, surging 66% and 135% respectively over the course of the year. While the rally continued into early 2026, trade soon turned volatile. Silver futures suffered their biggest single-day blow since the 1980s at the end of January and gold's safe haven status has been called into question after the outbreak of the U.S.-Iran war in February. …