Gold Holds Above $4,000 Support, While Silver Breaks $60

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Last week was a terrible week for Gold and Silver investors. Gold dropped from Monday through Wednesday on news that the settlement between the U.S. and Iran wasn’t being honored. Gold reached a low of $3,959 on Wednesday, the day the U.S. Dollar reached its highest value in over a year, $101.78. Late Thursday and Friday, the price of Gold started to rally. Gold closed Friday at $4,080 per ounce, down $120 per ounce.

Gold trading started on Sunday and continued into the early morning Monday in overseas markets, reacting to the Iran/U.S. news. The Iranians launched missiles at ships in the Strait of Hormuz and U.S. military assets in Kuwait and Bahrain, while U.S. Jets attacked many locations in Iran on Friday and Saturday. This news took the Gold price down $40 to $4,047 per ounce. Early Sunday evening, the U.S. announced a “Stand down agreement” with Iran. Iran didn’t confirm, but the Gold price moved up $20 on that announcement.

Between the on again/off again war with Iran and the bias on interest rates and a strong U.S. Dollar, the Gold price has become highly volatile. Gold has briefly moved (hopefully) below the support at $4,000, and it is very important that it holds that key long-term support level.

Key Economic data to watch this week:

• June 29rd, Monday:
• June 30th, Tuesday: June Consumer Confidence
• July 1st, Wednesday: June Auto Sales
• July 2nd, Thursday: June U.S. Employment rate and May Factory Orders
• July 3rd, Friday: July 4th Holiday

Today: As early Monday trading moved in overseas markets, Gold started at $4,070 in China, then as the market moved to India, we saw the price continue to drop, opening at $4,051 per ounce. When the trading moved to London, it continued to move lower, and when Gold started trading in New York, the price tested the key $4,000 per ounce support level. Gold reached a low today of $4,001 before finding buying.

Last week, Silver broke below $60 per ounce, the key long-term support level.
A combination of negative Iranian news, a higher U.S. Dollar, and concerns about an increase in U.S. interest rates drove Silver to a new 2026 low of $55.70 per ounce.
Silver badly needs to move back above the key $60 support level this week, or $50 per ounce will become the next support level. Silver closed on Friday at $59.20 per ounce, down $6.56 for the week.

Today: As early Monday trading moved in overseas markets, Silver started at $58.75 in China, then as the market moved to India, we saw the price continue to drop, opening at $58.22 per ounce. When trading moved to London, Silver moved lower with Gold and broke the $58 level in New York. Silver reached a low of $57.32 before bouncing back above $58 per ounce.

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Barry Stuppler has been a professional numismatist for over 60 years and is considered one the nation’s foremost experts in rare coins and precious metals. Mr. Stuppler is a past President of the American Numismatic Association (ANA) and Professional Numismatists Guild (PNG). He is currently chairman of the Federal and California State Gold & Silver Political Action Committees, and president of the
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