Gold dropped over 1% to $4,022 per ounce, marking its lowest level since late November and putting the metal on track for its worst quarterly performance in nearly a decade.
The decline caps a brutal stretch for a commodity that seemed unstoppable just months ago. Earlier in 2026, gold punched above $4,400 per ounce, setting all-time records. Now it’s giving back those gains with alarming speed.
A correction with teeth
The metal has shed more than 13% from its highs. The sharpest single-month decline came in March 2026, when gold posted its steepest drop in over a decade. That sell-off was driven by a strengthening US dollar, diminished expectations for interest rate cuts, and broad market deleveraging triggered by geopolitical tensions.
As of June 11, spot gold was trading around $4,080 to $4,082 per ounce. The subsequent slide to $4,022 represents a continuation of that downward pressure.
