2026.06.2400:36:30UTC+00Gold Extends Losses on Hawkish Fed Bets

Gold dropped below $4,100 an ounce on Wednesday, approaching a seven‑month low as expectations of tighter Federal Reserve policy outweighed support from the interim US‑Iran peace accord, which had helped ease inflation concerns. At its latest policy meeting, Fed officials left interest rates unchanged but signaled growing support for future rate hikes, while new Fed Chair Kevin Warsh reaffirmed his commitment to restoring price stability. At the same time, progress in negotiations between Washington and Tehran boosted traffic through the Strait of Hormuz, easing pressure on global energy supplies and reducing inflation risks. Gold came under further selling pressure as a steep decline in US technology stocks prompted investors to cut bullion holdings to cover losses elsewhere in their portfolios.