Friday, June 5, 2026 · Intraday update, 14:35 UTC
Summary
So much for safe havens. Gold dropped another 2.74% on Friday to about 4,353 dollars an ounce and silver was hammered 6.45% to about 69, and the two metals investors are told to hide in when the world gets scary did the exact opposite of their one job. Instead of cushioning the storm, they are at the centre of it, falling alongside everything risky rather than against it.
This is not a one-day stumble. Both are now among the worst performers of 2026. Gold has shed roughly a fifth of its value since its January record near 5,595 dollars, and silver has been gutted by close to 40% from its own peak above 120. A so-called store of value that loses a chunk that size in a few months is not behaving like one; it is the speculative bet it quietly became on the way up.
Friday added insult to injury. Gold did not just fall, it broke below the line that had marked its entire year-long climb, the floor it had clung to all week, turning a long stall into an outright turn lower. Silver, true to form, fell more than twice as hard. The reason is brutally simple: high interest rates and a firm dollar, and metals that pay you nothing cannot compete when cash does.
