Gold and silver erase all 2026 gains

Gold and silver are faring poorly. Both precious metals have wiped out all their price gains in 2026 and are now trading significantly lower than the peaks reached earlier this year. Gold falls from an annual high of $5.600 to $4.174. a drop of nearly 25%. Silver is doing even worse, collapsing from $121 back to $64. more than halving from its peak.

From AI hype to heavy losses

Earlier this year, gold and silver were seen as strategic commodities for the emerging AI infrastructure. That expectation drove prices up and generated enthusiasm among investors. Now that hype appears unsustainable, and both metals are falling sharply.

According to data from TradingView, the annual losses are now substantial. Gold is down 3.48% on a yearly basis, while the decline over the past month has already reached 10.91%. The weekly picture is also poor: in five trading days, gold loses 6.67%. The chart clearly shows how the price remains under further pressure during the day.

Silver hit even harder

Silver paints an even more extreme picture. The fall from $121 to $64 means that investors who entered near the top are now facing a loss of more than 47%. That is a striking reversal for a metal that, until recently, was considered indispensable for the production of chips and other AI-related hardware.

The question is whether this is a temporary correction or the start of a longer downtrend. In the coming weeks, investors will be closely watching macroeconomic signals and developments around AI investments to determine whether the bottom is already in sight.