Gold & Silver Went Vertical, Then Volatile

How to read this graphic: Figures are approximate month-end levels reconstructed from public market reporting (Reuters, CNBC, Trading Economics, JPMorgan Research, Business Standard, Sprott Money, GoldRepublic, Forbes Advisor, Yahoo Finance and others) rather than official exchange settlement data — 2026 bullion prices moved unusually fast around the war headlines, and a single clean source for daily MCX/spot closes across the full year wasn't available. Treat the numbers as directional, not tick-accurate.

• Spot gold went from a pre-war record of ~$5,600/oz (Jan 28–29 peak) to an intra-year floor near $4,170/oz around June, before a fresh August rally (+10.5%) on rate-cut and dollar-weakness bets, then cooling again in early September on stronger US jobs data.
• Spot silver was the more volatile of the two: it roughly doubled from ~$56/oz in January to a record near $85–90/oz in May, then corrected sharply into July before rebounding through August.
• MCX gold/silver figures are derived from spot USD levels using an implied conversion + duty multiplier calibrated to reported early-September MCX prints (gold ~₹1.52 lakh/10g, silver ~₹2.4 lakh/kg); INR/USD and duty structure are assumed roughly stable through the year, so rupee-specific moves (RBI action, import duty changes) aren't separately captured.
• "Post-war" here refers to the initial Feb 28, 2026 US–Israel strikes on Iran and the conflict period since — which saw further flare-ups in July/August/September rather than a single clean resolution.