Spot gold has given back nearly all of its gains for the year

Gold Wipes Out 2026 Gains—Largest Weekly Drop Since 1983 as Oil, Fed Fears Weigh

Gold is giving back all its 2026 gains. Spot prices touched $4,320.30 on Monday—barely a dollar above where they started the year. The Middle East war is in its fourth week, and fresh threats between the U.S. and Iran are flying. Oil prices are up, inflation fears are back, and rate cuts are off the table for now. That's a brutal mix for gold, which just logged its worst weekly drop since 1983—eight straight days in the red.

Kyle Rodda at Capital.com says a technical bounce is possible in the short term. But he adds that it largely hinges on whether Trump follows through on threats to strike Iranian power plants. Until then, gold is stuck in the crossfire.