Gold falls to $4,138 on stronger dollar

June 23, 2026 (MLN): Gold prices retreated on Tuesday as a strengthening U.S. dollar dimmed the metal's appeal, while easing geopolitical tensions following preliminary U.S.-Iran peace negotiations further pressured safe-haven demand.

Currently, spot gold is slightly down 0.38% to $4,138.91 an ounce as of [09:49 am] PST, according to data reported by Mettis Global.

A buoyant greenback, hovering near its strongest level in roughly a year, made dollar-denominated bullion more expensive for holders of other currencies, dampening buying interest across global markets.

Diplomatic developments added to the bearish sentiment.

Washington granted a 60-day sanctions waiver to Tehran effective Monday, following the opening round of talks under a nascent peace framework, according to Reuters.

A sustained reduction in hostilities in Lebanon also signalled progress under the broader regional ceasefire agreement.

U.S. Vice President JD Vance described the Switzerland discussions as having laid constructive groundwork for a comprehensive settlement, though Iranian officials pushed back on reports that nuclear programme negotiations had formally commenced.

Monetary policy expectations compounded the pressure on gold.

Higher interest rates typically weigh on non-yielding assets such as gold by raising the opportunity cost of holding them.

Attention now turns to U.S. Personal Consumption Expenditures figures  the Fed's preferred inflation measure  due later this week, which could shape the trajectory of rate expectations further.

Selling extended across the precious metals complex. Spot silver dropped 3.3% to $63.05 per ounce, platinum declined 1.9% to $1,646.30, and palladium shed 1.8% to trade at $1,242.75.

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