Gold, Silver In Spotlight After GLD Hits 52-Week Low, SLV Sinks To 11-Month Low – Peter Brandt Sees Signs Of A Potential Bottom

Spot gold was down 3% while spot silver dropped below $50 an ounce for the first time since November 2025.

• Analysts have cited the sell-off to inflation concerns from higher energy prices as well as the potential for an interest rate hike later this year.
• According to the CME FedWatch Tool, the odds of a rate hike in December top 73%.
• Peter Brandt said silver’s sharp decline was being driven by investors who bought above $90-$100 an ounce and are now selling.

Gold and silver prices tumbled on Friday as rising inflation concerns and expectations of another interest-rate hike weighed on precious metals.

ETFs tracking precious metals fell sharply, with the SPDR Gold Shares (GLD) hitting a fresh 52-week low while the iShares Silver Trust (SLV) slumped to its lowest level in more than 11 months.

Spot gold was down 3% to $3,897.17 per ounce, while spot silver dropped more than 6% to $49.08 an ounce, slipping below $50 for the first time since November 2025. Meanwhile, gold futures for December 2026 deliveries declined 3% to $3,910 an ounce.

Inflation Worries Keep  

Analysts have cited the sell-off to inflation concerns from higher energy prices as well as the potential for an interest rate hike later this year.

“Higher oil prices are triggering a risk-off environment, which is triggering a Treasury rally. This is reducing liquidity for equities and gold is getting caught up in the momentum,” Bart Melek, global head of commodity strategy at TD Securities, told Bloomberg on Friday.

Peter Grant, vice president and senior ​metals strategist at Zaner Metals, told Reuters that even though major central banks held rates steady this week, the indication was that the “higher-for-longer theme prevails and that’s weighing on precious metals.”

On Wednesday, the Federal Reserve held rates steady, but traders have increased bets on a rate hike before year-end. According to the CME FedWatch Tool, the odds of a rate hike in December stand at 73%.

Peter Brandt Says Silver Slump Due To Sell-Off By Longs

Veteran trader Peter Brandt said silver’s sharp decline was being driven by investors who bought above $90-$100 per ounce and had previously insisted they would never sell.

He said those investors were now selling their positions and saying they would never buy silver again.

“This is how the start of bottoms are formed,” Brandt said in a post on X.

Retail Turns ‘Extremely Bullish’ On SLV

Despite the selloff, retail sentiment surrounding GLD on Stocktwits remained ‘bullish’ over the past 24 hours. Sentiment turned ‘extremely bullish’ from ‘bullish’ for SLV.

SLV is down more than 32% while GLD has declined about 10% so far in 2026.

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