Gold Marks Largest Single-Month Drop Since October 2008 on Fed Hawkish Stance

According to Jin10 Data on June 30, gold prices declined, marking the largest single-month drop since October 2008. The precious metal is also on track for its first quarterly decline since 2024, with the quarterly loss being the largest since Q2 2013.

Marex analyst Edward Meir noted that high inflation, elevated interest rate expectations, and a strong U.S. dollar are combining to suppress traditional gold price drivers. According to Christopher Wong, precious metals strategist at OCBC, gold bulls need to see a turning point—such as falling real yields, a weaker dollar, or diminishing Fed hawkish expectations—for prices to sustain rebounds.