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    Gold price falls nearly 2%: macro drivers and planning notes for mine projects

    June 2, 2026|

    Reviewed by Tom Sullivan

    Gold price falls nearly 2%: macro drivers and planning notes for mine projects

    First reported on MINING.com

    30 Second Briefing

    Gold prices fell nearly 2% on Monday, with spot gold hitting a weekly low of about $4,450/oz and three‑month New York futures holding just above $4,500/oz, as renewed US strikes on Iranian military sites pushed oil and the dollar higher. Traders now assign roughly a 39% probability to a 25‑basis‑point Federal Reserve rate hike in December, according to CME FedWatch, dampening appetite for non‑yielding bullion. Despite the pullback from January’s record near $5,600/oz, JPMorgan and Goldman Sachs still project average 2026 prices of $5,000/oz and $5,400/oz respectively.

    Technical Brief

    • Bullion has traded in a tight sideways band for three weeks, with moves headline‑driven.
    • Geopolitical driver is renewed US assaults on Iranian military sites linked to the Strait of Hormuz standoff.
    • Energy price rebound following these strikes is feeding inflation expectations and hawkish central bank bias.
    • Analyst Ricardo Evangelista (ActivTrades) explicitly ties higher energy prices to reinforced expectations of further Fed tightening.
    • Market focus this week is on scheduled US macro data releases to infer the Fed’s rate path.
    • Gold set a record near $5,600/oz in January after a 60% price surge during 2025.
    • Year‑to‑date in 2026, bullion remains positive, up about 4.5% despite recent weakness.

    Our Take

    Ramaco Resources’ Brook mine in Wyoming, mentioned here alongside gold and oil price moves, is also the subject of multiple recent offtake MoUs in our coverage for rare earth carbonate and customised rare earth oxide blends, signalling that macro volatility is intersecting with the build‑out of a US‑based critical minerals supply chain.

    The Brook mine deals with REalloys and Mulberry Industries in the related articles show that coal‑hosted rare earths are moving from concept to early commercialisation in the USA, which could reduce medium‑term reliance on Chinese rare earth supply even as Middle East tensions keep traditional safe‑haven demand for gold elevated.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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