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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a sharp reversal for precious metals, gold prices have plunged to their lowest levels since the start of the year as expectations for higher-for-longer US interest rates intensify. According to reports, the yellow metal broke through previous support levels, abandoning the stabilization seen earlier this week. This decline is driven by investors repricing the Federal Reserve's monetary path, leading to a technical sell-off after breaching key price ranges.
This retreat reflects dollar strength and rising US yields following the robust labor data released on June 5, 2026, which showed 172k jobs added versus the 85k forecast per market data. Looking at peers, silver has also retreated in tandem with gold's downward trajectory, while 10-year Treasury yields remain at elevated levels. Analysts note that gold breaking its 2026 lows places additional pressure on exchange-traded funds (ETFs), which have seen recent outflows.
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Sign InTraders are now monitoring new psychological support levels following gold's close at $4,089 on June 11, 2026, amid bearish short-term technical signals. All eyes are now on the upcoming US CPI data as the primary catalyst that could either stem the losses or accelerate them, especially with annual wage growth holding at 3.4%. With no major bullish catalysts in the economic calendar for the next seven days, the bearish trend remains the dominant force for gold and silver.