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Gold and silver have erased all of their year-to-date gains, according to TradingView data, with gold collapsing from its 2025 high of $5,600 to $4,174 — a drawdown of roughly 25% — while silver has been cut nearly in half, falling from $121 to $64.
Why it matters
Earlier this year, both metals attracted a fresh wave of institutional and retail interest partly on the thesis that gold and silver would serve as key raw materials for AI infrastructure build-outs. That narrative has now unwound sharply. When a commodity rallies on a thematic story rather than supply-demand fundamentals, the reversal tends to be faster and deeper than a conventional correction — and the numbers here reflect exactly that dynamic.
Market impact
A 25% drop in gold from its cycle peak is historically significant; silver's near-50% decline from high to current levels is consistent with the metal's well-known beta to gold on the downside. Traders will be watching whether $4,000 holds as psychological support for gold and whether silver can stabilise above $60. Any further deterioration in risk appetite or unwinding of commodity-linked AI positioning could push both metals toward their pre-2025 base levels.
Source: [XAUUSD Chart — Gold Spot US Dollar Price — TradingView](https://www.tradingview.com/symbols/XAUUSD/)
Frequently asked questions
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How far have gold and silver fallen from their 2025 highs?
Gold has dropped roughly 25%, from a year-to-date high of $5,600 to $4,174. Silver has fallen nearly 50%, from $121 to $64, erasing all year-to-date gains for both metals.
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What narrative drove gold and silver higher earlier in 2025?
Both metals rallied partly on the thesis that gold and silver would serve as key raw materials for AI infrastructure build-outs. That thematic bid has since fully unwound, accelerating the decline.
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What price levels are traders watching for gold and silver now?
Market participants are focused on $4,000 as psychological support for gold and $60 for silver. A break below either level could signal continued structural selling rather than a simple bounce.
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