Gold and Silver Crash 5% and 10% as Iran War and Inflation Fears Rock Global Markets

Gold and silver suffered a sharp sell-off on Thursday as fears over the Iran war and rising inflation rattled global markets. Spot gold slid nearly 5% to below $4,600 an ounce, while front-month gold futures dropped almost 6% to around $4,600. Spot silver fell more than 6% to $70.22 an ounce, and silver futures lost more than 9%, settling at $70.29. Both metals had enjoyed record-breaking rallies in 2025, surging 66% and 135%, respectively, but 2026 has brought far more turbulent trading. The sell-off follows broader risk-off sentiment as the U.S.-Iran war enters its third week, driving energy shock concerns globally.