Gold and silver retreat from record highs as 2026 brings volatility and geopolitical shocks
By
Chloe Taylor
Summary
Gold and silver experienced record rallies in 2025, surging 66% and 135% respectively, but have since turned volatile in early 2026. Silver suffered its worst single-day drop since the 1980s in late January, and gold's safe-haven status has been questioned following the outbreak of the U.S.-Iran war in February. Gold is down nearly 8% year-to-date, while silver has lost over 20%. Macquarie strategists noted that market attention is now on the trajectory of precious metals amid geopolitical turmoil and shifting investor sentiment.
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Key quotes
· 3 pulledSilver futures suffered their biggest single-day blow since the 1980s at the end of January
Gold's safe haven status has been called into question after the outbreak of the U.S.-Iran war in February
Strategists at Macquarie said all eyes were now on the trajectory
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