Gold drops below $4,200 an ounce, erasing 2024 gains
Spot gold fell below $4,200 for the first time since March 23, while NYMEX August gold futures dropped 2.28% on June 10 to $4,188.70 and turned negative for the year.
GT
Fact Check
Core factual claims — spot gold below $4,200/oz on June 10 (first since March 23), NYMEX August gold futures at $4,188.70 down 2.28%, turning negative for the year — are corroborated by BlockBeats (citing CCTV Finance), Securities Times, Cailianpress, and 21st Century Business Herald. The headline's reference to '2024 gains' appears to be a translation/labeling error since the event is dated 2026-06-10 and the underlying article describes erasing year-to-date 2026 gains (-3.51% YTD), but the substantive price and percentage figures are verified.
Summary
Gold extended its decline from Asian into European trading on June 10, with spot gold falling below $4,200 an ounce for the first time since March 23, according to Gate data. NYMEX August gold futures were at $4,188.70 by 17:15 Beijing time, down 2.28% on the day and 3.51% for 2024, wiping out the market's year-to-date gains. Analysts attributed the selloff to stronger-than-expected U.S. nonfarm payrolls, which boosted expectations that the Federal Reserve could raise interest rates, a backdrop that typically pressures non-yielding assets such as gold.
Terms & Concepts
- NYMEX August gold futures: Gold derivatives contracts for August delivery on NYMEX.
- nonfarm payrolls: Monthly U.S. employment data excluding farm jobs.
- spot gold: The current market price for immediate purchase or sale of gold.