Overview
- On June 10, spot gold fell about 2%–4% to roughly $4,100–$4,200 per ounce, completing a decline of more than 20% from January highs and marking entry into bear-market territory.
- Market participants pinned the immediate selloff on stronger US inflation data that pushed Treasury yields higher and made the dollar more expensive, shifting expectations toward tighter Federal Reserve policy.
- Renewed US–Iran military exchanges and an oil-price rally raised volatility but failed to support gold; retail prices plunged in South Asia with Pakistan’s per tola rate down Rs12,627 to Rs442,436 and India’s 10‑gram rates falling about 2%.
- Heavy liquidations in futures and ETFs, along with rising use of tokenized‑gold products, amplified the price move and increased the risk that losses could spill into crypto and other leveraged markets.
- Traders are now focused on upcoming US data, including the Producer Price Index, and central bank signals for the next directional catalyst, with further rate‑sensitive data able to deepen or stabilize the selloff.