Spot gold has undergone a sharp 29% correction after peaking at an all-time high of $5,589/oz in January 2026. It breached the psychologically significant $4,000 mark in late June, finding dynamic short-term support in the $3,960–$3,970 range before experiencing a minor relief bounce to around $4,050/oz. The primary culprit behind gold’s multi-month slide is a massive shift in macroeconomic sentiment: A resurgence in inflation (partially driven by the aftermath of the earlier Iran conflict) has forced a hawkish shift by the Federal Reserve. Markets are currently pricing in up to three rate hikes this year. ... (full story)