Gold Prices Decline, Heading for Worst Quarterly Loss in 13 Years

Gold prices decreased on June 30, 2026, with spot gold dropping 0.2% to $4,008.94 per ounce, marking its lowest level since November. The metal is on track for an 11.3% decline in June and its first quarterly loss since 2024, the steepest since the June quarter of 2013. U.S. gold futures for August delivery fell 0.4% to $4,022.70 per ounce. Analysts attribute the decline to inflation concerns related to the Middle East conflict and expectations of potential interest rate hikes by the U.S. Federal Reserve. Marex analyst Edward Meir noted market unease regarding the stability of a memorandum of understanding and the impact of high inflation readings on gold prices. Traders are currently pricing in a 65% chance of an interest rate hike in September. Additionally, an OMFIF survey indicated that central banks may reduce U.S. dollar exposure over the next decade while increasing gold holdings. Other metals also experienced declines, with spot silver down 0.8% to $58.2585 per ounce, platinum down 0.7% to $1,564.34, and palladium up 0.2% to $1,215.94.