Gold fell 12.9% and silver 22.4% in June 2026

A second record fall in four months

For the second time this year, gold and silver had the worst month in our series. Gold fell 12.94% in June 2026, from ₹1,40,829 per 10 grams to ₹1,22,601. Silver fell 22.37%, from ₹2,33,504 to ₹1,81,261 per kg.

The record they broke was set in March, when gold lost 7.87% and silver 16.45%. Before 2026, neither metal had lost more than 12% in a month in a series that runs back to September 2021.

As in every post in this series, these are international prices (the COMEX futures close) converted to rupees at each day's dollar rate, as on our gold and silver price page. Gold is for pure metal, and both are before import duty and GST.

How June went

Both metals made their highs in the first days of the month and their lows on 29 June.

Gold's worst days were 10 June (−3.89%), 5 June (−3.48%) and 18 June (−3.12%). Silver lost 6.92% on 5 June, 6.31% on 18 June and 5.92% on 24 June. The only real bounce, on 12 June, lifted gold 3.17% and silver 6.35%, and did not last.

Both lows on 29 June were the lowest closes since 10 December 2025. Each metal added a little on the last day of the month, and again on 1 July, when gold closed at ₹1,24,152 and silver at ₹1,83,360.

The first half of 2026

The half-year holds gold's second- and third-largest monthly gains in the series, the two largest monthly falls for both metals, and a flat stretch in between. Gold ended the half down 1.80% and silver down 10.45%.

The Nifty 50 lost 8.66% over the same six months, from 26,129.60 to 23,865.75; in June itself it rose 1.35%. Gold did better than equities over the half, and silver worse. Month by month, though, the three rarely moved together: the metals fell with equities in March, stood still while they rose in April, and fell hard while they rose in June.

How far from the top

At the end of June gold was 22.1% below its peak of ₹1,57,381 (29 January) and silver 46.5% below its peak of ₹3,38,545 (26 January). For silver that is close to half its value at the top.

A year of history still shows big gains, which says more about where they started than where they are. Gold is 35.5% above its level on 30 June 2025 (₹90,512), and silver 84.0% above (₹98,502).

The rupee and the ratio

The dollar fell 1.31% against the rupee in June, from about ₹96.05 to ₹94.79. A firmer rupee lowers the rupee price of both metals, so in dollar terms the falls were a little smaller: about 11.8% for gold and 21.3% for silver.

Over the half-year it was the other way round. The dollar rose 5.59% from about ₹89.77, which cushioned the rupee price. In dollars gold fell about 7.0% in the first half of 2026 and silver about 15.2%.

The gold-silver ratio rose from 60.31 to 67.64 as silver fell further. On 29 June it reached 69.14, the highest since 12 December 2025.

What this does not tell you

Two record months in one half-year say the range has widened, not where it goes next. The same six months also contain two of gold's three biggest monthly gains.

Half-year returns depend on the start date. A buyer at the end of 2025 is down 1.8% in gold; a buyer at the end of February is down 19.9%.

Spot is not what you pay. Gold and silver funds and ETFs track the domestic price, which includes import duty, and carry an expense ratio.

Where to go from here

The gold and silver price page has today's rates and both charts. For the details of June's fall, see gold at its lowest since December and silver 41% below its January peak. For equities over the same half-year, see the first half of 2026 market recap.

On how metals fit beside equities and debt, read debt and gold as shock absorbers.