Gold falls below $4,000 mark for first time since Nov 2025

June 24, 2026 (MLN): Spot gold prices fell below the $4,000 per ounce psychological mark on Wednesday for the first time since November 2025, as a stronger U.S. dollar and expectations of persistently high interest rates weighed on sentiment.

Currently, spot gold is down 4.87% to $3,980.73 an ounce as of [06:33 pm] PST, according to data reported by Mettis Global.

The U.S. dollar strengthened, increasing the cost of dollar-denominated bullion for holders of other currencies.

Meanwhile, traders have raised bets on U.S. interest rate hikes this year after the Federal Reserve adopted a hawkish stance at its latest policy meeting, alongside concerns that inflationary pressures linked to the Iran war could persist according to Reuters.  

“The market pricing a rate hike as soon as September due to a hawkish Fed, a surging dollar at 13-month highs combined with lower inflation expectations are putting heavy pressure on precious metals,” said independent metals trader Tai Wong.

He added that gold has support just below $3,900, while ongoing central bank buying reduces the likelihood of a sharp collapse, though a prolonged consolidation phase is likely as the metal remains out of favor.

Gold, which reached a record high of $5,594.82 in late January, has since declined by more than $1,500 per ounce.

ING also revised their outlook, lowering gold price forecasts to an average of $4,300 per ounce in the third quarter of 2026 and $4,600 in the fourth quarter, down from previous estimates of $4,850 and $5,000, respectively.

Copyright Mettis Link News