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Gold Slides Below $4,000 as Fed Hike Likely

6/25/2026

Summary

Gold Falls Below $4k

U.S. spot gold fell to $3,961.95 per ounce on Thursday, first dip below $4,000 since November 2025.
August gold futures slipped to $4,014.09 per ounce while silver fell to $58.44, down 6% from the low.
The dollar index rose to 101.77 as investors see a 66% chance of a Federal Reserve (Fed) hike in September, where Philippe Gijsels of BNP Paribas Fortis said rising rates act like gravity pulling down precious-metal prices.

Summary

Warsh Chairs Fed

Kevin Warsh chaired his first Federal Reserve (Fed) meeting on June 17, where nine of nineteen officials signaled another hike.
The median dot-plot shifted to a 3.75-4.00 % range, lifting 10-year TIPS yields to 2.2 % real.
A Swiss-brokered Iran peace accord lowered oil to pre-war levels, easing bullion pressure.
U.S. PCE inflation rose 4.1 % YoY in May, the first above 4 % since April 2023, prompting analysts to say gold’s structural case stays intact.

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Gold Falls Below $4k

U.S. spot gold fell to $3,961.95 per ounce on Thursday, first dip below $4,000 since November 2025.
August gold futures slipped to $4,014.09 per ounce while silver fell to $58.44, down 6% from the low.
The dollar index rose to 101.77 as investors see a 66% chance of a Federal Reserve (Fed) hike in September, where Philippe Gijsels of BNP Paribas Fortis said rising rates act like gravity pulling down precious-metal prices.

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