Gold steadies near $4,000, set for worst quarter since 2013

Gold prices steadied near the $4,000 per ounce level on Tuesday, June 30, after touching a fresh seven-month low earlier in the session. The precious metal is on track for its worst quarterly performance since 2013, having erased all its gains for the year amid a strong U.S. dollar and heightened expectations for further Federal Reserve interest rate hikes.

August delivery gold futures were trading around $4,031.70, recovering from a dip below the $4,000 threshold earlier in the week-a level not breached since November 2025. Spot gold was slightly higher at $4,022.29 per ounce. The metal has fallen roughly 24% from its late-January peak near $5,589 and is down approximately 11% for the month, heading for a fourth consecutive monthly decline.

The primary drivers of the selloff are a resurgent U.S. dollar and shifting interest rate expectations. The U.S. Dollar Index is trading near a 13-month high, making gold more expensive for buyers using other currencies. Meanwhile, market participants are pricing in a significant chance of a Fed rate increase in September, with the CME FedWatch Tool indicating a probability of about 63%. Higher interest rates reduce the appeal of...