Gold prices have fallen for three consecutive sessions and remain stuck below $4,000 per ounce, capping off the metal's worst quarterly performance since 2012. Two converging forces are weighing on the price: progress in US-Iran peace negotiations, which reduces geopolitical safe-haven demand, and growing signals that the Federal Reserve may tighten policy further. The combination has removed two of gold's most reliable tailwinds simultaneously.
Gold is typically a hedge against uncertainty and loose monetary policy — both of which are now easing at the margin. Investors holding GLD, IAU, or gold miner ETFs like GDX are facing continued downside pressure if the diplomatic and Fed dynamics persist. A sustained move below $4,000 could trigger further technical selling and drag gold equities down with the spot price.
Next FOMC rate decision: ~late July. Kevin Warsh commentary or Fed nomination developments: ongoing. US-Iran negotiation updates: ongoing. Next CPI inflation report: ~mid-July.
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