Investors observed a sharp retreat in gold prices on 24 June 2026, with spot gold slipping 0.5 % to $4,090.72 per ounce by 02:41 ET (06:41 GMT) after an early‑session dip to $4,050.6/oz, testing the psychologically important $4,000 level. U.S. gold futures fell 1 % to $4,109.50, marking the fifth decline in six sessions and ending a streak of three consecutive weekly losses.
The decline was driven primarily by a stronger U.S. dollar, as the DXY index climbed to a fresh 13‑month high. Market participants now assign roughly a 70 % probability to a Federal Reserve rate hike by September and have fully priced in an additional increase by December, raising expectations that the Fed could raise rates as early as July.
ING analysts noted that the combination of a stronger dollar and expectations of prolonged higher rates outweighed any safe‑haven support from geopolitical risks, leaving gold vulnerable to higher yields. Although concerns over Middle‑East supply disruptions have eased, investors continue to monitor U.S.–Iran diplomatic talks aimed at normalising energy flows through the Strait of Hormuz, while uncertainties remain regarding nuclear inspections and frozen Iranian assets.
Analysts further emphasized that gold is likely to trade in line with Fed expectations, making it susceptible to higher yields and a stronger dollar in the near term. Market participants await the U.S. Personal Consumption Expenditures (PCE) inflation data scheduled for Thursday for additional guidance on the Fed’s policy trajectory.
Among other precious metals, silver edged up 0.5 % to $61.92 per ounce after a more than 5 % decline in the previous session, while platinum remained flat at $1,653.88 per ounce. Benchmark copper futures on the London Metal Exchange rose 0.4 % to $13,433.88 a ton, and U.S. copper futures increased 0.3 % to $6.14 a pound.
Published 24‑06‑2026 09:34 am, updated 12:24 pm.