Gold, silver prices drop

by AKANI CHAUKE 
JOHANNESBURG, (CAJ News) – PRICES of gold, silver and platinum declined during the second quarter of 2026, marking a reversal after several consecutive quarters of strong growth, according to new research by jewellery retailer 77 Diamonds.

The study analysed average monthly and quarterly prices, measured in United States dollars per troy ounce, across the three precious metals.

It compared price movements during the second quarter with those recorded in the first quarter of 2026, while also assessing monthly changes between May and June.

Silver recorded the steepest quarterly decline, with its average price falling by 15 percent from the previous quarter to US$70,04 per troy ounce.

The metal also posted an average monthly decline of 6,7 percent during the quarter, with prices dropping by more than 21 percent between May and June to US$59,92 per troy ounce.

Platinum experienced a similar correction, with its average price declining by 14,9 percent quarter-on-quarter to US$1 829,97 per troy ounce.

The average monthly decline for platinum stood at 7 percent during the quarter, while prices fell by 18,8 percent between May and June.

Gold proved more resilient but also recorded a downturn.

Its average price declined by 9,6 percent from the first quarter to US$4 420 per troy ounce.

Gold registered an average monthly decline of 4,6 percent during the quarter, with prices dropping by 12,1 percent in June from US$4 593 per troy ounce in May to US$4 039.

Tobias Kormind, Co-Founder of 77 Diamonds, said the declines reflected a natural market correction following an extended period of strong price appreciation.

“Following a prolonged period of substantial price growth, it’s not unusual to see some degree of market correction as values adjust and investors reassess market conditions,” Kormind said.

He noted that gold entered 2026 after recording four consecutive quarters of growth, while silver and platinum had posted particularly strong gains during the second half of 2025 and the first quarter of this year.

“What stands out is that all three major precious metals moved lower during the second quarter, having entered the year from an exceptionally elevated position,” Kormind said.

He said that while short-term price fluctuations were a normal part of the market cycle, precious metals continued to play a significant role in the jewellery industry and remained closely monitored by consumers and manufacturers.

Kormind added that softer prices could present better value for jewellery buyers, although current market conditions remained significantly different from those of only a few years ago.

– CAJ News