Since hitting an all-time high above $5,500 per ounce in late January, gold has fallen roughly 25% to trade near $4,100, as of early July. Record central bank buying and falling rates had helped propel the precious metal to new heights in 2025 and at the outset of this year. But a slowdown in demand alongside a pause in rate cuts by the US central bank have combined to cool momentum behind the yellow metal.
Source: FactSet, as of July 9, 2026.