Gold fell further in June. Messages from the new Fed Chair, Kevin Warsh, at the monetary policy meeting last month were seen as hawkish, pushing up real yields and the dollar. This has led to investors reducing their gold ETF holdings and tilting their option positioning to bearish – rising opportunity costs and cooling momentum were the two major factors denting gold in June.1 Both the LBMA Gold Price PM and the Shanghai Benchmark Gold Price PM were down by 11%. A weak June reversed gold’s earlier gains, leading to losses in H1. As detailed in our Gold Mid-Year Outlook 2026, gold has had a roller-coaster ride over ... (full story)