Gold Slumps Below $4,400 as Oil, Rates and Geopolitics Weigh on Prices

Gold’s price has dropped to below $4,400 per ounce in 2026, more than $1,000 beneath its January peak, as experts attribute the slide to four main drivers. First, the ongoing conflict with Iran raises oil costs and stokes inflation fears, according to Hiren Chandaria of Monetary Metals. Higher energy prices influence U.S. interest-rate policy, which pushes Treasury yields up; the 10-year note has reached around 4.75%, making bonds more appealing than gold, notes Brandon Aversano of Alloy.

Investor sentiment has turned cautious, with many selling liquid assets like gold to raise cash amid broader market turbulence, says Thomas Winmill of Midas Funds. Lastly, the metal’s rapid ascent earlier this year set the stage for a natural correction, a pattern Aversano describes as a “reset.” Despite the dip, most experts expect fundamentals to stay supportive, forecasting prices between $4,500 and $5,000, or even above $5,000 later in the year, suggesting a potential buying opportunity for long-term holders.