Gold and Silver Slip Again as Traders Wait on the Fed

Gold fell 0.84% to about $4,263 an ounce on Tuesday, while silver traded near $62.99, as precious metals extended a pullback into the Federal Reserve's two-day meeting. Gold is down roughly 3.5% over the past month, though it remains about 15% higher than a year ago. Silver has declined nearly 12% since the start of the year.

The immediate pressure comes from rates. With a September hike close to fully priced and the 10-year Treasury yield above 5%, the opportunity cost of holding non-yielding metals has risen sharply, and positioning has moved against the sector heading into Wednesday's announcement.

Mining equities tend to amplify moves in the underlying metal. Hecla Mining has guided to 15.1 million to 16.5 million ounces of silver production in 2026 with revenue projected above $1.886 billion, while Pan American Silver operates across Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. Both remain leveraged to whatever direction metals take once the Fed's decision is known.