Global gold falls for a second straight day; silver drops more than 4%

The global spot gold price fell for a second straight day on Monday, July 13, 2026, dropping more than 2% to around $4,020 an ounce. The decline deepened in later trade, with the metal sliding to about $3,990 (down more than 3% from the previous day). Silver fell alongside gold, losing more than 4% to below $58 an ounce.

Escalating US-Iran military tensions and rising inflation concerns, together with a stronger dollar and higher odds of a September Federal Reserve rate hike (markets now price the chance near 70%), have intensified selling pressure on the non-yielding precious metals.

In Iran's domestic market, despite the drop in the global ounce, 18-carat gold held near 17,682,000 tomans per gram, little changed, supported by the weaker rial.