Gold has fallen since a late‑January peak and accelerated lower in June as Fed
rate‑hike expectations firmed, erasing almost all year‑to‑date gains. Global
central bank buying remains robust and gold’s share of official reserves
continues to rise. Market participants say the US‑Israel‑Iran conflict drove
energy prices higher but lifted inflation expectations rather than triggering a
safe‑haven bid, weighing on bullion. Near term a stronger dollar and rising US
Treasury yields raise the opportunity cost of holding gold and should keep
prices under pressure; medium‑to‑long‑term support comes from sustained official
buying, shifts in international reserve allocations and lasting safe‑haven
demand.
