Gold is moving from momentum-led upside to a rate-sensitive reset. August COMEX futures were about $4,235/oz late on June 11 after a 12% decline over nine trading days, and spot benchmarks were near $4,190/oz on June 12.
The pressure is coming from U.S. rate expectations rather than a collapse in physical demand. Markets are pricing a high probability of no cut at the June FOMC, and some desks now see easing pushed into 2027 if inflation stays sticky.
ETF flows have turned cautious. Global gold ETF holdings were 4,121 tonnes at the end of May, and GLD saw a large daily outflow on June 8 as the price correction accelerated.
The medium-term floor is still supported by official-sector demand. The World Gold Council estimated Q1 central bank purchases at 244 tonnes, with 2026 purchases likely to remain near 2025's elevated 700-900 tonne range.
Buyers should treat the $4,200/oz area as a decision line. Ladder hedges on rallies into resistance, but avoid assuming the correction is over until ETF flows stabilize.