Gold Cracks $4,500: Iran-Fed Double Whammy Sends Bullion into Bearish Freefall Toward $4,000

As of June 3, 2026, gold has fallen below $4,500 per ounce, giving back recent record gains as stalled U.S.–Iran peace negotiations rekindled worries about long Middle East conflict and persistent inflation. Energy costs rising on high oil prices have caused markets to give up hope for Federal Reserve rate decreases this year—Chair Powell even hinted at possible hikes—and bond yields have gone up, and the dollar index is up nearly 2% since the conflict started. Investors have liquidated holdings and sent the precious metal down as a result of a stronger dollar, growing opportunity costs for non-yielding bullion, and regular profit-taking following several all-time highs.

 Major support-$4400/$4350/$4000. Major bearishness below $4000. Any violation below targets $3605/$3000/$2800. 

 It is good to sell on rallies around $4498-500 with SL around $4600 for a TP of $4000/$3600.