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Gold Falls $532.24 per Ounce in June, Down 12% in Largest Monthly Drop Since 2008

GateNews
Metals
According to Paul Wong, managing partner and market strategist at Sprott Inc., spot gold declined $532.24 per ounce in June 2026, marking a 12% monthly loss and finishing at $4,008 for the fourth consecutive monthly decline. June's drop was the largest since October 2008, while the second quarter saw gold fall 14.14% overall—the worst quarter since Q2 2013. Wong attributed the decline to the U.S. dollar strengthening 2.91% year-to-date and fed funds rate expectations shifting from 2.3 anticipated cuts at year-start to 1.5 projected hikes, driven partly by new Federal Reserve Chair Kevin Warsh's hawkish June remarks. Despite near-term bearish pressure, Wong noted gold's long-term case strengthens as central banks increasingly view the metal as a strategic reserve asset amid geopolitical fragmentation and dollar reserve diversification strategies.
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