Gold slides 28% from $5,602 peak to near $4,144 as 2026 Fed hike signal lifts dollar index above 100

The Fed’s June 17, 2026 FOMC “dot plot” signaled at least one rate hike later in 2026, while new Chair Kevin Warsh struck a hawkish tone and dropped forward guidance. The dollar index moved back above 100 and is up 2.6% year-to-date. Gold has fallen 28% from its January high of $5,602 to a June low of around $4,000 and was last near $4,144. Oil has dropped nearly 15% after a US-Iran Strait of Hormuz deal, but higher-rate expectations are weighing on bullion.