Precious metals price data compiled by Sprott Asset Management from Bloomberg puts gold bullion at $4,046.15 per ounce on July 31, 2026 and silver bullion at $57.60 per ounce. Gold added 0.95 percent over the month while silver gave up 1.71 percent.

Year to date through July, gold was down 6.33 percent and silver was down 19.63 percent, a spread that reflects silver's higher volatility and its heavier exposure to industrial cycles. Both figures follow a 2025 in which gold bullion gained 64.58 percent and silver bullion advanced 147.95 percent. Both metals set records in late January 2026 before retreating through the second quarter and settling into ranges of $4,000 to $4,100 for gold and $55 to $60 for silver.

Mining equities tracked the metals lower. The NYSE Arca Gold Miners Index closed July at 2,139.22, down 0.88 percent for the month and 12.43 percent for the year, as US large-cap technology and artificial intelligence names absorbed the bulk of equity flows.

Fund holdings tell a mixed story. Bloomberg total known silver exchange-traded fund holdings stood at 786.92 million ounces at the end of July, up 0.59 percent on the month and down 8.74 percent for the year. Gold exchange-traded fund holdings were flat at 96.72 million ounces, a decline of 2.24 percent year to date. The dollar index eased 1.26 percent in July to 99.91 and the 10-year US Treasury yield hit a 2026 high of 4.73 percent, a rise of 56 basis points since January.

Source: Sprott - https://sprott.com/insights/gold-and-silver-looking-beyond-the-correction/