Reversing yesterday's gains, gold prices have plunged on Thursday as indications from the U.S. Federal Reserve of higher interest rates for a few more months diminished the appeal of the precious metal. However, the reopening of the Strait of Hormuz following the U.S.-Iran deal signing and the eventual slump in crude oil prices limited the decline.
Front Month Comex Gold for August month delivery has plummeted by $132.60 (or 3.03%) to $4,248.80 per troy ounce.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.