Gold prices under pressure, a corrective rebound in gold prices is expected in the second half of the year
On July 9, 2026, spot gold continued its downward trend, dropping to around $4,080 during intraday trading, with COMEX gold futures priced at $4,080.3/oz.
According to reports, on July 8, the World Gold Council released data showing that in June, global investors further reduced their holdings in gold ETFs, with a net outflow of $8.9 billion from global gold ETFs across all regions. During the same month, global gold ETF assets under management fell by 13% to $526 billion. Thanks to a strong performance in Asian markets, global gold ETFs still recorded a net inflow of $8 billion in the first half of the year.
According to Cinda Futures, the gold market experienced a sharp bull-to-bear switch in the first half of 2026, with the main driver shifting from expectations of rate cuts to rate hike trades, resulting in a total reversal of gold's financial attributes and a significant price correction. Although gold prices remain suppressed in the short term due to a strong US dollar and higher US Treasury yields, ongoing global central bank gold purchases and the strengthening de-dollarization trend support its monetary attributes. If inflation peaks or the economy weakens in the second half of the year, potentially triggering an adjustment in rate hike expectations, gold prices could see a recovery-driven rebound, with the $3,800–$4,000 range now showing medium- to long-term allocation value.
Editor: Zhu Henan
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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