Gold erases YTD gains as international prices slide

TigerJun 10, 2026 10:20 AM

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After Asian-session losses, international gold extended declines into European trade on the 10th, briefly dipping below $4,200/oz. As of 17:15 Beijing time, NYMEX August gold futures were $4,188.70/oz, down 2.28%, leaving gold down 3.51% YTD. Traders pointed to Friday’s US nonfarm payrolls, which beat expectations and signalled labour-market resilience, and inflation upside from the Middle East; markets have increased bets on a Fed shift toward tightening in H2. CME FedWatch prices roughly a 70% chance of at least a 25bp Fed hike by year-end. A Fed rate rise would weaken the appeal of non‑yielding assets such as gold.

Meanwhile, Gold concept stocks generally fell in pre-market trading. Gold Fields fell over 5%, Newmont Mining, Pan American Silver, Barrick Mining, Coeur Mining fell over 3%, and Agnico Eagle Mines fell 2.99%.

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