Gold at $3,955 below $4,000 as Fed fears hit metals
Gold and silver just had a rough week, with prices dropping sharply thanks to fears that the US Federal Reserve might raise interest rates soon.
Gold futures slid $83 to $3,955 an ounce, dipping below $4,000 for the second time this month and ending June down nearly 12%.
Silver wasn't spared either; it dropped to $57 before bouncing back slightly, but still finished the month 21% lower.
Gold down 13.5% this quarter
It's not just a bad month: this has been gold's steepest quarterly drop in 13 years (down 13.5%), ending a long winning streak that peaked back in January.
Silver fell by nearly 20% this quarter, its first big loss in over a year.
The main reasons? A stronger US dollar, higher bond yields, and easing global tensions have all shaken things up for these precious metals lately.