Gold and silver price forecast 2026: banks stick with $6,000 gold as silver re-prices lower

Gold and silver prices plunged on Friday, sending gold toward its sharpest daily drop since 1983 and silver toward its biggest one-day fall ever, after U.S. President Donald Trump chose Kevin Warsh to lead the Federal Reserve. By 1:57 p.m. ET, spot gold had tumbled 9.5% to $4,883.62 an ounce, down from a record $5,594.82 hit Thursday. Silver collapsed 27.7% to $83.99, while platinum dropped roughly 19% and palladium nearly 16%. U.S. gold futures closed 11.4% lower. The dollar index, which tracks the greenback against major currencies, gained 0.7% amid the selloff. Standard Chartered’s Suki Cooper attributed the slide to profit-taking as the dollar and “real yields” — inflation-adjusted bond returns — moved. MKS PAMP strategist Nicky Shiels called January “the most volatile month in precious metals history,” pointing to $4,600 gold and $80 silver as potential support levels.

Gold prices tumbled on Friday and were poised for their biggest one-day fall since 1983, as investors took profits after U.S. President Donald Trump named former Federal Reserve Governor Kevin Warsh as his choice to run the central bank. Spot gold was down 8.9% at $4,915.17 an ounce by 12:30 p.m. ET, while U.S. gold futures slid 7.7% to $4,940.70; silver sank 21.92% to $90.66. Standard Chartered’s Suki Cooper said “expectations for real yields” — inflation-adjusted bond returns — and the dollar helped trigger the profit-taking, while the World Gold Council’s Joe Cavatoni said gold is increasingly viewed as “a strategic portfolio allocation.”