Overview
- Global spot gold slid to roughly the low $4,000s per ounce on July 8, 2026, with USA TODAY showing $4,063.04 and several outlets reporting further intraday drops.
- The immediate trigger was renewed U.S.-Iran military exchanges and President Trump’s declaration that the interim deal was over, which followed attacks on vessels near the Strait of Hormuz and U.S. strikes on Iranian targets.
- Crude oil jumped and the dollar and U.S. Treasury yields strengthened, pushing markets to raise the odds of further Fed tightening and making gold less attractive because it pays no yield.
- Domestic markets felt larger moves: Pakistan’s APGJSA reported a Rs4,700 per tola fall to Rs430,236 on July 8, and Indian futures and retail rates also recorded multi‑day declines influenced by rupee moves and import costs.
- Traders are watching the Federal Reserve’s June meeting minutes for policy clues while persistent official buying by the People’s Bank of China has served as a background support that could limit deeper losses.