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Gold Slides 2% as Fed Holds Rates, Florida Legalizes Coins

6/28/2026

41 6 Full Breakdown

Summary

Story summary

Gold fell 2% to $4,103.70 in the US.
PCE rose to 4.1%, highest since 2023.
Fed officials Warsh held rates, Kashkari ruled out 2026 cuts, and odds sit at 62-63%.
A poll found 89% expect growth, 45% plan purchases, and 850 tonnes bought in H1 2026.
Ghana will require a third of output sold to the state from July 1.
Florida’s HB 1311, July 1, makes gold and silver coins legal tender.

History

Historical Context

During the Great Depression, Roosevelt’s 1933 Executive Order 6102 forced citizens to surrender gold, and the 1934 Gold Reserve Act, signed by Franklin D. Roosevelt, revalued gold from $20.67 to $35 per ounce, expanding Treasury reserves and ending dollar-gold convertibility. The restrictions were lifted in 1974, but modern statutes like Florida’s HB 1311 echo the earlier government control of gold.

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Story summary

Gold fell 2% to $4,103.70 in the US.
PCE rose to 4.1%, highest since 2023.
Fed officials Warsh held rates, Kashkari ruled out 2026 cuts, and odds sit at 62-63%.
A poll found 89% expect growth, 45% plan purchases, and 850 tonnes bought in H1 2026.
Ghana will require a third of output sold to the state from July 1.
Florida’s HB 1311, July 1, makes gold and silver coins legal tender.

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