Gold has had a rough few weeks, and Tuesday made things worse. The metal fell 1.93% to $4,109.49 per ounce on June 23, 2026, as a sharp selloff in AI-sector stocks pushed investors to liquidate positions across asset classes to cover losses elsewhere.
Tech stocks pulled the trigger
The proximate cause was a broad retreat in high-valuation tech names. Nvidia fell more than 4%, with Micron and AMD also taking significant hits. The Nasdaq Composite dropped approximately 2.1% on the day.
The selling pressure wasn’t random. Markets have been recalibrating around the expectation that the Federal Reserve will keep rates elevated, or push them higher. That’s a particularly uncomfortable environment for gold, which pays no yield.
Bitcoin tracked the same trajectory. The largest crypto by market cap traded between $62,400 and $63,000 on June 23, pulled lower alongside other risk assets as tech weakness rippled through markets. The correlation between Bitcoin and gold during stress periods has become a recurring theme in 2026, with both assets moving in the same direction when rate expectations shift and equities sell off simultaneously.
