On June 30, gold prices fell, likely marking the largest monthly decline since October 2008. On a quarterly basis, gold is also set to record its first quarterly drop since 2024, with the decline being the largest since the second quarter of 2013. Although the situation in the Middle East remains uncertain, the market is currently more concerned about the extent to which the U.S. will act to control inflation. Marex analyst Edward Meir stated that the combination of high inflation, expectations of high interest rates, and a strong dollar has suppressed all the usual reasons that support rising gold prices. Christopher Wong, a precious metals strategist at OCBC Bank, pointed out that gold bulls need to see at least one turning point—either a decline in real yields, a weakening dollar, or a significant easing of the market's hawkish expectations for the Fed. Until then, any rebound in gold prices is unlikely to be sustained and is more likely to experience repeated fluctuations below previous highs.