Both gold and silver are trading well below the highs they set earlier this year. If you have been watching the charts and wondering what happened, you are not alone. Search interest in gold and silver pricing has climbed sharply through July as the market digested a run of macroeconomic data.
Here is a plain reading of where the market sits as at 24 July 2026, and the factors moving it.
Gold price in New Zealand today
Gold is trading at roughly NZ$6,970 per troy ounce, which works out to about NZ$224 per gram for fine gold. In US dollar terms that is approximately US$4,027 per ounce, at an implied NZD/USD rate near 0.578.
That is a meaningful step down from the year's peak. The XAU/NZD price has moved 7.44 percent lower year to date, measured from 1 January, against a high for the year of NZ$9,210.17.
For New Zealand buyers, the currency is doing part of the work here. A weaker New Zealand dollar cushions the local price when the US dollar gold price falls, which is why the NZD decline has been shallower than the headline moves you see quoted offshore.
Silver price and the distance from January
Silver has had the more dramatic year. Silver rose to US$58.54 per ounce on 24 July 2026, up 1.57 percent on the previous day, and up 53.32 percent compared with the same time last year. At current exchange rates that is roughly NZ$101 per ounce.
The year-on-year figure tells only half the story. Silver began July around US$58.55, roughly 52 percent below the all-time high of US$121.62 set in January.
So silver is simultaneously up strongly on a twelve month view and down heavily from its peak. Both statements are true, and which one feels more relevant depends entirely on when you bought.
The gold to silver ratio
The gold to silver ratio is one of the most watched numbers in the stacking community, and it has moved sharply. The ratio expanded from a May low near 55:1 to approximately 69:1, because a hawkish Federal Reserve that slows growth hits silver's industrial demand directly, while gold carries no comparable vulnerability.
In practical terms, the ratio tells you how many ounces of silver it takes to buy one ounce of gold. A rising ratio means silver is getting cheaper relative to gold.
What is driving the move
Four threads are pulling on the market at once.
Inflation data has cooled. The June CPI report, released 14 July 2026, came in softer than expected. Headline CPI fell 0.4 percent month over month, the largest monthly decline since April 2020, and slowed to 3.5 percent year on year from 4.2 percent in May. Core CPI eased to 2.6 percent from 2.9 percent.
Rate expectations are unsettled. According to CME FedWatch, the consensus for the upcoming rate decision is a hold, but that probability has fallen to 64.2 percent from 87.2 percent a week earlier, with a better than expected initial jobless claims report contributing to the shift. Because silver pays no interest, buyers tend to rotate into yield bearing assets when rates rise.
Energy prices have spiked. Silver fell toward US$57 on Friday after dropping more than 3 percent in the prior session, as surging oil prices driven by escalating Middle East conflict strengthened the case for tighter US monetary policy, with Brent crude moving above US$100 a barrel for the first time since May.
Sovereign debt remains the long shadow. Total US gross national debt stood at US$39.39 trillion as at 6 July 2026, with annual interest expense already exceeding US$1 trillion, a fiscal constraint that limits how aggressively the Fed can tighten.
The physical supply picture has not changed
Price moves and supply fundamentals are separate things, and it is worth keeping them apart.
The Silver Institute's World Silver Survey 2026, published 15 April 2026 with research by Metals Focus, confirmed a sixth consecutive annual supply deficit, at 46.3 million ounces.
A deficit means more silver was consumed than was newly supplied, with the gap filled from above ground stocks. Six consecutive years of that is a structural feature of the market rather than a one off.
What this means for buying physical in New Zealand
A few practical points for anyone holding or buying bullion here.
Premiums move independently of spot. When spot falls quickly, physical demand often rises, and dealer premiums on popular items can widen even as the underlying metal gets cheaper. The spot price you see quoted is not the price you pay.
Fine gold and silver bullion is GST exempt in New Zealand. Investment grade bullion meeting the fineness requirements does not attract GST. Collectible and numismatic items can be treated differently.
Storage is a real decision. Whether you take delivery or use vault storage changes your cost base and your access. Both are legitimate choices with different trade offs.
Volatility cuts both ways. Silver's industrial demand base makes it more volatile than gold. That is a structural characteristic of the metal, not a temporary condition.
Frequently asked questions
What is the gold price in NZ today?
Approximately NZ$6,970 per troy ounce, or NZ$224 per gram for fine gold, as at 24 July 2026. Spot moves continuously during global market hours.
Why has silver fallen so much in 2026?
Silver reached an all-time high of US$121.62 in January and has since corrected by roughly 52 percent. The main pressures have been expectations of tighter US monetary policy, which raises the appeal of yield bearing assets, and concern about industrial demand if growth slows.
What is the gold to silver ratio right now?
Approximately 69:1, up from a May low near 55:1.
Is bullion subject to GST in New Zealand?
Fine gold, silver and platinum bullion meeting the investment grade fineness standard is exempt from GST in New Zealand. Numismatic and collectible items may be treated differently.
Where can I buy bullion in Christchurch?
Williams Bullion operates a showroom at 124 Peterborough Street, Christchurch, alongside online ordering.
Current stock
We hold gold, silver, platinum, copper and titanium bullion, with live pricing updated against spot throughout the trading day. You can browse the full range online or visit the Peterborough Street showroom to buy in person.
Prices quoted are spot references as at 24 July 2026 and will have moved since publication. This article is general information about the precious metals market and is not financial advice. Figures sourced from Trading Economics, GoldSilver, CME FedWatch, the Silver Institute and public exchange rate data.