Gold has pulled back. Here's how to read it.
June 2026 — the sharpest correction of the cycle, and the question every investor is actually asking.
Is now a good time?
A pullback is a question, not a broken thesis.
Gold is trading around $4,250 — roughly 24% below its January all-time high of $5,589, and under its 200-day average for the first time since October 2023. Two forces did it. The Iran conflict drove energy prices up and pushed US inflation to 4.2% — the highest since April 2023 — which erased the case for near-term rate cuts and lifted the real yields that compete with gold. And the US–Iran agreement to reopen the Strait of Hormuz drained the war premium back out of the price.
What hasn't changed is the structural case. Central banks bought a net 244 tonnes in Q1 2026, and China has added to its reserves for 18 straight months. Every major year-end target — Goldman $5,400, Morgan Stanley $5,200, UBS $5,500, J.P. Morgan $6,000 — still sits 25–40% above today. Gold is the currency of war and the classic hedge against debasement; the long-term reasons to hold it are intact. So the honest answer to “is now a good time?” is that a lower price is an entry question — and the right answer depends on your timeframe, your tax position, and what you already own. That's the conversation we have. Not a pitch.