Key highlights:
- Gold and silver posted sharp declines as macro data and dollar strength outweighed safe-haven demand.
- Both metals are testing key technical support zones after a multi-billion-dollar market wipeout.
- Forecasts point to continued near-term pressure before any sustained recovery attempt.
Gold and Silver got hit by a massive sell-off that resulted in a total loss of $1.48 trillion in value. While the experienced an even larger decline, dropping from approximately $68.5–$69 per ounce to around $64. This steeper move isn’t unusual. Silver combines precious metal demand with industrial demand, making it more volatile than gold during periods of uncertainty.
Approximately half of total world demand for silver is attributed to industries like solar energy, electric vehicles, and electronics, hence economic optimism or pessimism will exert greater influence on price formation. The following level of support is expected at $62-$63, whereas resistance will appear in the range of $66-$68.
Strong economic data and geopolitical tensions collide
The sell-off occurred amid better-than-projected employment figures in the United States, which brought down expectations of rate cuts by the Fed in 2026. Higher interest rates make yield-generating investments more attractive; thus, increasing their demand while bolstering the value of U.S. dollar. Consequently, prices of assets with zero yield, like precious metals, will be affected.
BREAKING: U.S. Strikes Iran After Drone Shot Down Apache Helicopter.
American forces said they have “completed self-defense strikes against Iran” in response to the downing of a U.S. Army AH-64 Apache helicopter on Monday, according to CENTCOM.
U.S. forces carried out three… pic.twitter.com/4hOmfYFSML
— Bull Theory (@BullTheoryio) June 10, 2026
Moreover, there are still some geopolitical concerns. The United States hit targets of Iranian air defense and radar systems after President Trump accused Iran of shooting down the U.S. Army’s AH-64 Apache helicopter in the Strait of Hormuz.
According to Iranian state media, there have been explosions in Qeshm Island, Sirik, Bandar Abbas, and Jask regions while Iranian Foreign Minister Abbas Araqchi stated that the nation will not leave any attack unanswered. Generally, such events should support safe-haven investments. This time, stronger economic data and rising Treasury yields had a larger influence on market sentiment.
What comes next for gold and silver?
The gold price and the silver price are approaching areas where buyers have previously stepped in, making the next few trading sessions especially important.mIf economic data continues to support higher interest rates and the U.S. dollar remains strong, gold could move toward $4,100 or even $4,000, with silver facing downside risk toward $60–$62.
If inflation cools or geopolitical tensions intensify further, both metals could attract fresh buying interest. A recovery above $4,300 for the gold price and $66–$68 for the silver price would improve the technical outlook.
CoinCodex’s 1-month gold price forecast places gold near $3,680.10, indicating continued pressure after the recent volatility as markets adjust to the latest macro-driven selloff.
Meanwhile, the 1-month silver price outlook puts the price around $47.02, pointing to a near-term environment where both metals may remain under pressure or consolidate before any meaningful recovery attempt.
Source:: Gold and Silver Price Forecast: Crash Sparks Debate as Peter Schiff Shares His Perspective