Gold prices fall by 9.6% in Q2

Gold prices fell 9.6% in Q2 2026, marking a shift after several consecutive quarters of growth, according to research from online jewellery retailer 77 Diamonds.

Gold prices averaged $4,420 (£3,299.6) per troy ounce during the quarter, although the metal experienced a sharper decline towards the end of the period. Between May and June, gold prices fell 12.1%, dropping from $4,593 (£3,427) to $4,039 (£3,016) per troy ounce.

The report found that precious metals across the board experienced significant corrections during the three-month period, with silver recording the largest quarterly decline. Its average price fell by 15% to $70.04 (£52.30) per troy ounce, while platinum values dropped 14.9% compared with the first quarter, reaching $1,829.97 (£1,366) per troy ounce.

The decline follows a period of strong momentum for precious metals, with gold entering 2026 after recording four consecutive quarters of growth, while silver and platinum also benefited from significant gains during the second half of 2025 and the first quarter of 2026.

Tobias Kormind, co-founder of 77 Diamonds, said: “Following a prolonged period of substantial price growth, it is not unusual to see some degree of market correction as values adjust and investors reassess market conditions.

“The scale of appreciation seen across gold, silver and platinum over the last 18 months has been remarkable. Gold entered 2026 having recorded four consecutive quarters of growth, while both silver and platinum experienced particularly strong gains throughout the second half of 2025 and into the first quarter of this year.”