Gold Falls Below $4,100, Perth Mint Silver Sales Collapse 37% as Iran-US Strikes Escalate

According to Heraeus precious metals analysts, gold and silver prices fell sharply following escalated military strikes between Iran and the United States in early July. Gold dropped below $4,100 per ounce while silver declined below $60 per ounce, with spot gold last trading at $4,013.64 for a 2.60% loss and silver at $58.089 for a 2.97% daily loss.

The analysts noted that central banks capitalized on the price weakness, with Poland purchasing 18 tonnes and China adding 10 tonnes in May, plus another 15 tonnes in June—the People's Bank of China's largest monthly addition since October 2023. Meanwhile, physical silver demand evaporated: Perth Mint silver bar and coin sales plummeted to 294 koz in June, down 19% from May and 37% year-over-year from 464 koz in June 2025.