Gold prices ease nearly 1% to $4,068.59 per ounce

Gold prices eased nearly 1% to $4,068.59 per ounce on June 23, 2026, marking a decline from recent highs amid shifting market dynamics. The price fell below $4,120 an ounce earlier in the day, reversing gains from the previous session as Federal Reserve interest rate hikes gained traction. Analysts from Deutsche Bank and BofA Global Research have revised their forecasts to include a potential rate increase in September, reinforcing investor caution.

The decline came despite ongoing optimism surrounding U.S.-Iran peace negotiations and a 60-day license granted to Iran for oil sales on international markets, which has boosted expectations for recovery in global supply. Increased shipping activity through the Strait of Hormuz has also easing concerns over energy supply disruptions.

Over the past month, gold prices have fallen 10.27%, though they remain 23.38% higher than a year ago. The price has retreated from its all-time high of $5,608.35 per ounce, recorded in January 2026. Market participants are now closely watching the upcoming PCE report, which provides the Federal Reserve’s preferred measure of inflation and could offer further insight into future monetary policy.

Investors remain divided on the outlook for gold. Some view the pullback as an opportunity to accumulate the metal at more attractive levels, while others see it as a sign of broader market corrections. The price of gold is expected to trade at $4,161.84 per ounce by the end of the quarter, according to global macro models and analyst forecasts. Looking ahead, the 12-month target stands at $4,527.47 per ounce.