Gold has taken a beating this month. The XAU price dropped roughly 10% to 11% in June 2026, falling below the $4,000 mark and hitting its lowest level in seven months. A few big things are behind the slide. Strong U.S. jobs data and inflation that won’t cool down have made markets rethink the Fed. Instead of rate cuts, people are now talking about more hikes. That’s pushed Treasury yields higher, making it more expensive to hold gold, which doesn’t pay interest, so investors are pulling back.