Gold, Silver Stocks and ETFs Drop as Gold Extends Fall

Gold, silver stocks and ETFs droped in premarket trading, as spot gold extended fall, last down over 2% at $4017.06/oz.

ProShares Ultra Silver fell 9%; Anglogold Ashanti fell 6%; Gold Fields and Harmony Gold fell 5%; iShares Silver Trust, First Majestic Silver, Newmont Mining, Hycroft Mining, Coeur Mining, and Endeavour Silver fell 4%.

Gold fell ‌for a second consecutive session on Wednesday, hitting a near two-week low, as a stronger U.S. dollar and expectations of higher interest rates pressured the metal, while investors watched for risks to Middle East peace ​since the U.S.-Iran peace talks.

The U.S. dollar extended a rally to a 13-month high, making bullion more expensive for overseas buyers.

Markets are now pricing in three Federal Reserve rate hikes this year, ​a sharp shift from expectations of just one before last week's policy meeting, according ​to the CME FedWatch Tool.

Higher interest rates reduce the appeal of non-yielding gold. Bullion has fallen ‌over ⁠4% since the meeting.

Investors are ​also awaiting U.S. Personal ​Consumption Expenditures (PCE) data, ⁠the Fed's preferred inflation measure, due on Thursday for further signals on the monetary policy outlook.

Analysts at ING now expect gold ​to average $4,300/oz in the third quarter of 2026 and $4,600/oz in the ​fourth quarter, ⁠down from their previous forecasts of $4,850 and $5,000, respectively.