Gold futures fall to $4,321.80 as analysts eye $4,000 support

1 min read Updated on 08 Jun 2026, 07:46 PM

Reviewed by

Radhika SScanX News Team

AI Summary

Gold futures dropped to $4,321.80 an ounce, extending losses to mark the steepest weekly decline since March. Ed Yardeni of Yardeni Research identified $4,000 as a key support level but remains bullish, forecasting prices of $5,500 by year-end. The decline is attributed to strong payroll data increasing the cost of carry, despite ongoing geopolitical tensions.

*this image is generated using AI for illustrative purposes only.

Gold futures fell to $4,321.80 an ounce on Monday, recording their biggest decline since March. The drop extended a 3% fall from Friday, which marked the metal's biggest one-day loss since March 26. The precious metal also posted a 4.9% weekly loss, its steepest weekly decline since the week ended March 20, according to Dow Jones Market Data.

Market Analysis and Support Levels

Ed Yardeni, founder of Yardeni Research, identified $4,000 as a potential support level after gold dipped below its 200-day moving average of $4,443.4 per ounce on Friday. In a note to clients on Sunday, Yardeni stated, "We reckon the next support is at $4,000," while maintaining a bullish outlook. He forecasts prices to reach $5,500 by year-end and $10,000 by the end of the decade, expecting the rally to resume once the Iran conflict ends.

Ole Hansen, head of commodities strategy at Saxo Bank, concurred that the technical picture has become challenging. He noted that recent bullish investor behavior and a sharp reduction in bearish stances have left gold "increasingly vulnerable to a technical setback once key support levels gave way."

Factors Influencing Price

Bart Melek stated on CNBC that stronger-than-expected payroll data is increasing gold's cost of carry, which could weigh on the metal's appeal. The recent price movement contradicts the common belief of gold being a safe haven during geopolitical risks. However, historical data from the last 10 times gold fell below its 200-day moving average suggests that short-term weakness has often been followed by stronger long-term performance.

ETF Performance

On a year-to-date basis, major gold-related ETFs reflected the market pressure. SPDR Gold Shares (NYSE: GLD) fell 0.51%, iShares Gold Trust (NYSE: IAU) fell 0.42%, and VanEck Gold Miners ETF (NYSE: GDX) fell 8.04%.

How might the resolution of the Iran conflict influence the timing of gold's projected rally to $5,500 by year-end?

What are the potential risks to gold's price if the $4,000 support level fails to hold?

Could stronger-than-expected payroll data lead to sustained pressure on gold's cost of carry, further dampening its appeal?

Demand Slowdown in Gold Jewellery Segment

The association's observation points to a softening in consumer interest within the gold jewellery market over the recent period. The report highlights a measurable reduction in buyer activity, though specific figures regarding the extent of the decline were not provided in the source data.

Key Highlights

The Gold Jewellery Association flagged a decline in overall demand
Buyer footfall has decreased over the past 10 days
The development was reported by CNBC Awaaz

No further financial metrics, volume data, or regional breakdowns were included in the available source material to provide additional context on the scale or scope of the demand decline.

Could the decline in gold jewellery demand signal a broader shift in consumer spending patterns, and how might this impact gold retailers heading into the festive season?

If buyer footfall continues to decline over the next quarter, what threshold would prompt major gold jewellery brands to revise their inventory and pricing strategies?

How might sustained demand weakness in the gold jewellery segment influence India's overall gold import volumes and its effect on the current account deficit?