Gold had a proper rough week and theres no way of sugar coating it.. spot dropped to about 4,174 on Tuesday which is the lowest its been in two months and a full 25 percent below the January all time high of 5,589. The 200 day moving average broke for the first time since October 2023 which is significant because that level had held through everything the market threw at it for nearly three years.

The whole correction is being driven by one thing really and its higher real yields. Jobs data came in at 172 thousand against 80 expected which killed any remaining hope of rate cuts this year and then CPI landed at 4.2 percent the highest since April 2023. Goldman pulled every single rate cut from their 2026 forecast and shifted easing expectations all the way out to mid 2027.. thats brutal for a non yielding asset like gold.

The irony is the Iran war which youd think would be massively bullish for safe havens has actually been the opposite. Oil above 90 bucks is feeding straight into inflation expectations which means rates stay higher for longer.. gold doesnt like that one bit. By Friday though spot had clawed back to around 4,200 after Trump suggested a peace deal could come as early as this weekend. The key level everyone is watching now is 4,100.. a daily close below there and analysts reckon were looking at a proper move toward 4,000. Recovery needs to get above 4,300 to even start looking constructive again. Central banks are still hoovering up physical though with 244 tonnes in Q1 alone so the structural floor hasnt gone anywhere.

Silver got absolutely battered earlier in the week dropping to 63.50 on Wednesday which is the lowest since December. Then Friday morning it ripped 5 and a half percent higher to 67.50 on the peace deal headlines.. classic silver doing twice the move in both directions. The gold silver ratio sitting at 62 is interesting because historically anything in the 60 to 70 range has preceded silver outperformance during bull market recoveries. Silvers still up over 150 percent year on year which is mental when you think about it.

Platinum took an absolute hiding losing over 20 percent in a month falling from the January high near 2,920 all the way down to 1,656 before bouncing to about 1,720 on Thursday. The World Platinum Investment Council is projecting a fourth straight annual supply deficit for 2026 with South African and Russian output both constrained so the fundamentals havent changed.. the paper price just got hammered by the same rate expectations killing everything else. Its still up 42 percent year on year though so perspective matters.