Gold Prices Hit Seven-Month Low as US-Iran Deal Hopes and Strong US Data Weigh on Market
Gold | 2026-06-17 05:27:27 | By Paul Ploumis
Gold came under pressure following stronger-than-expected U.S. payroll data, which in turn resulted in continued ETF outflows and a reduction in bullish futures positions.
SEATTLE (Scrap Monster): Gold prices extended their decline last week, mainly driven by easing geopolitical tensions and stronger U.S. economic data, said the Weekly Markets Monitor Report released by the World Gold Council (WGC). The LBMA Gold Price PM closed at US$4,186 per ounce, touching its lowest level since mid-November 2025. The prices fell 4.1% during the week.
Market sentiment improved after reports of a potential interim agreement between the U.S. and Iran.The two countries reportedly reached a preliminary agreement over the weekend, though a final meeting to negotiate the final terms is scheduled on June 19. According to analysts, there are uncertainties surrounding the agreement and that markets may take more time to normalize.
Gold came under pressure following stronger-than-expected U.S. payroll data, which in turn resulted in continued ETF outflows and a reduction in bullish futures positions.
Technical indicators suggest further downside risks for gold after prices broke below their long-term 200-day moving average. The key support levels now stand near US$4,099 and US$4,075 per ounce, with additional support around US$3,887 if selling pressure intensifies further.
This week, investors will closely monitor upcoming policy decisions from the Federal Reserve and the Bank of Japan.