Gold and silver are recording drastic declines against the backdrop of global tensions.

Gold and silver suffered sharp declines on Thursday, by approximately 5% and 10% respectively, in a broad wave of selling that affected global markets. The spot price of gold fell below $4,600 per ounce, while futures contracts dropped by nearly 6%. Spot silver lost over 6%, reaching $70.22 per ounce, and futures contracts fell by more than 9%. The declines also affected mining companies and exchange-traded funds (ETFs) related to precious metals, with significant losses for ETFs such as ProShares Ultra Silver and iShares Silver Trust. In Europe, the Stoxx Europe Basic Resources index fell by about 6%, and Fresnillo shares lost 9.3%. The declines are fueled by risk aversion generated by the conflict between the US and Iran, which has led to fears of a global energy shock and rising oil prices. Central banks, including the US Federal Reserve, are closely monitoring the situation, as inflationary risks increase. After spectacular increases in 2025, precious metals have become much more volatile in 2026, and analysts suggest that the sell-offs are driven by investors' need for liquidity.