Gold, Silver Slide as Hawkish Policy Bets Rise

What's happened

Gold and silver prices have eased as investors weigh hawkish central-bank signals and the potential for higher rates. Macquarie sees the path for bullion as range-bound this year, with 2026 forecasts nudging higher before a 2027 decline. Markets are pricing in a September rate hike.

What's behind the headline?

Insightful take

Gold and silver have faced pressure as higher-for-longer rate expectations take hold. The market is reacting to the prospect of Fed tightening, which typically weighs on non-yielding assets.
Macquarie’s forecasts suggest a multi-year arc: a near-term range-bound path in bullion, with a projected decline as growth stabilizes and policy eases later in the decade.
The dynamic balance between inflation signals and real yields will continue to drive price action, with macro events likely to be the key spark for renewed moves.

What this means for readers

If you hold bullion, prepare for continued volatility and consider hedges or diversification until rates stabilize.
Watch U.S. data releases and policy pronouncements for renewed directional cues.

How we got here

Investors have watched gold and silver rally in 2025 and early 2026 fade amid renewed inflation concerns and expectations of tighter policy. A hawkish stance from central banks, notably the Fed, has shifted sentiment away from safe-haven demand, with investors rotating into equities.

Our analysis

CNBC reports on gold and silver pricing dynamics, with commentary from Macquarie analysts. CNBC’s analysis notes a hawkish Fed stance and rate expectations impacting precious metals pricing.

Go deeper

Are investors shifting away from safe-haven assets toward equities?
What would trigger a sustained breakout in gold or silver this year?