Posted on 06/30/2026 5:55:11 PM PDT by Red Badger
June 30 (Reuters) - Gold edged higher from a near seven-month low on Tuesday but remained on track for its worst quarterly performance since the second quarter of 2013, as the dollar remained firm amid expectations of U.S. interest rate hikes.
Spot gold inched up 0.4% at $4,031.29 per ounce, as of 1150 GMT, after touching its lowest level since November 2025 earlier in the session. U.S. gold futures for August delivery lost 0.2% to $4,045.30/oz.
"The failure to sustain gains (for gold) highlights the current fragile sentiment, where traders continue to sell into strength rather than buy into weakness, a notable shift from the behaviour seen over the past few years," said Saxo Bank analyst Ole Hansen.
Bullion was down more than 11% for the month, on track for a fourth straight monthly decline. The precious metal was also poised for its first quarterly loss since 2024 and its biggest quarterly percentage drop since the June quarter of 2013.
"Prices first need to break above $4,100 before it is reasonable to consider that a low may have been established," Hansen added.
Further weighing on bullion was a stronger dollar, set for a second straight monthly gain as markets priced in higher odds of Fed rate hikes.
Higher energy prices fuelled by the war in the Middle East erased market expectations of U.S. rate cuts this year, with traders currently seeing a 65% probability of an increase in September, the CME FedWatch data showed. FEDWATCH/
Although gold is seen as an inflation hedge, higher interest rates tend to weigh on the non-yielding metal.
Focus is now turning to upcoming U.S. employment data, including the ADP report and nonfarm payrolls, for clues on the U.S. central bank's future rate path.
Oil was on track for its worst quarter since early 2020 as traders assessed prospects for renewed U.S.-Iran diplomacy, though Iran said reports of talks in Doha this week were unfounded.
Meanwhile, more central banks plan to reduce rather than increase their dollar holdings over the next decade as political risks around the U.S. currency grow, an OMFIF survey showed.
Elsewhere, spot silver rose 1.2% to $59 per ounce, platinum gained nearly 1% to $1,589.75 and palladium inched up 2.4% to $1,241.89.
All three metals were headed for quarterly and monthly losses.
Reporting by Sumit Saha in Bengaluru, additional reporting by Swati Verma; Editing by Joyjeet Das and Shailesh Kuber
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ping
I’ve sold off some Paper Gold of late....
Gold and silver are long term investments.
I’ve been in PMs for 25 years now. It’s called. ‘The Summer Doldrums’ and happens with the prices of PMs every. d@mn. year.
Let me restate this: Every. D@mn. Year. This happens Ever. D@mn. Year.
So what are you waiting for? Buy! Buy! BUY! Ya dopes. ;)
Summer Yard Sale! Summery Mattress Sales! Summer Car Sales! Summer Lemonade Stands! Buy! Right now! BUY!
You can thank me later...
Are there contingency plans for an overflowing reflecting pool???
Meant to ping ya to my screed in Post #6.
Buying opportunity! ;)
It has built-in overflow drain holes.............
But of course.
Obviously not designed by NASA engineers. /s
Put Ron Paul on suicide watch. Glenn Beck too.
“Let me restate this: Every. D@mn. Year. This happens Ever. D@mn. Year.”
Not like this year.
This is a correction to the recent bubble.
Yes, we think so too. Twenty years of stacking has been good to us. 😊
Maybe we can cut our way out of it. 😆
This is simply not possible. I was assured that gold (and silver) would NEVER EVER EVER decrease in price.
Please check and verify your sources. I have the bulk of the precious metals community solidly behind me.
(okay, LOL)
>> Gold and silver are long term investments.
They are not investments; they are inflation hedges, nothing more.
>> This is a correction to the recent bubble.
What??!? You think PM were in a bubble??? How. Can. That. BE??? All the PM websites and PM stores were STRONGLY ALIGNED toward ever-increasing prices? Surely PM must only INCREASE...
Not all inflations are the same. Why would the fed hike rates during a war induced oil price increase actually slowing the economy despite making it look like inflation?
Are these people that dense?
The correction shoukd happen with Platinum which is rarer and yet industrial.
Eventually Platinum will surpass gold with gold either going down or platinum up, but there is a war on platinum price. In jewelry the barrier is that it requires high temperatures which deters many small shop jewlry makers.
Since the days of Socrates gold has historically been worth about ten times what silver is worth. Right now it’s about sixty-five times more valuable. The real correction I see coming is either a drop in gold or an increase in silver or, more likely, a bit of both.
But ask my wife or my kids, Im wrong a lot. YMMV
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