Gold is trading around $4,000 per ounce in late June 2026, after what’s shaping up to be the metal’s weakest quarterly performance in over a decade. The retreat from January’s all-time high of $5,598.75 has been swift and brutal.
The 11% drop over the past three months, with individual weeks in early June seeing losses of 4-5%, marks one of the steepest sell-offs since 2013. Bears and bulls are now locked in a standoff right at the $4,000 line.
How gold went from record highs to a correction
Gold hit $5,598.75 per ounce in January 2026, propelled by years of inflationary pressure, geopolitical crises, and aggressive central bank buying. The correction that followed was driven by a resurgent US dollar, the Federal Reserve signaling further interest rate increases, and a gradual easing of geopolitical tensions that had been fueling safe-haven demand.
June accelerated the damage. Daily drops of 1-3% became routine. Gold breached its 200-day moving average and touched lows in the $3,980 to $4,022 range. ETF outflows added fuel to the decline as investors rotated capital into higher-yielding assets.
