Gold touched its lowest price since November 2025 on June 11, then promptly bounced. Spot gold dipped to $4,022.09 per ounce before clawing back to trade in the $4,077 to $4,089 range, while US gold futures for August delivery hovered near $4,111.
The precious metal has shed roughly 12.8% to 13.5% over the past month.
What drove gold off a cliff
The selloff has a familiar villain: a US labor market that refuses to cool down. May’s jobs report showed 172,000 new positions added, nearly double the 85,000 consensus estimate. Rate-hike odds for December jumped to 72% after that jobs print, and gold, which pays no yield, becomes less attractive when interest rates climb.
Then there’s the geopolitical layer. Renewed oil price spikes tied to US strikes on Iran have injected fresh inflation anxiety into markets. But the prospect of rate hikes in response to that same inflation has been the stronger gravitational pull, dragging gold lower despite the very conditions that typically support it.
