Gold prices continued their downward slide on June 24, with COMEX futures settling at $4,146/oz, down $35.70 from the previous session. The decline marks the fifth consecutive day of losses for the yellow metal, which has been under pressure from a strengthening US dollar and fading geopolitical risk premiums.
The dollar index climbed 0.4% this week following hawkish signals from Federal Reserve officials, who have maintained that interest rates will remain elevated through year-end. Higher rates increase the opportunity cost of holding non-yielding assets like gold.
Gold has lost significant ground since its all-time high of $5,597/oz on January 29, 2026. The 24% correction reflects a broader rotation out of safe-haven assets as geopolitical tensions in the Middle East showed signs of easing, with recent diplomatic progress between Washington and Tehran reducing risk premiums across markets.
Physical demand in Asia has provided a floor, with Chinese and Indian buyers stepping in at lower levels. The Shanghai Gold Exchange reported increased delivery volumes this week. ETF outflows, however, have accelerated, with holdings falling for the eighth straight week.
For the remainder of Q3, gold faces headwinds from a strong dollar and elevated real yields, though inflation above the Fed's 2% target and ongoing central bank purchases provide underlying support.
The current pullback offers a potential entry point for hedging. With gold down 24% from its peak and central bank buying continuing, the $4,000–$4,100 zone represents strong technical support. Consider layering into forward positions if prices dip below $4,100.