Gold futures closed essentially unchanged on Monday after opening at $4,354.00, as traders paused to digest last week's blowout jobs report and weighed upcoming market-moving events. The flat session followed Friday's $148 single-session collapse that represented gold's worst day since March. The lack of directional conviction reflected neither eager buyers calling a bottom nor fresh sellers pressing the breakdown, with Wednesday's May Consumer Price Index report and Thursday's Producer Price Index reading representing the last major inflation data points before the Federal Reserve convenes for its June 16-17 Federal Open Market Committee meeting.
Gold Futures Trade Flat After Friday's $148 Selloff
Futures opened at $4,354.00 and traded to a new two-month low before finishing the day flat. The market found neither eager buyers willing to call a bottom nor fresh sellers pressing the breakdown after Friday's $148 single-session collapse.
May CPI and PPI Reports Precede June 16-17 FOMC Meeting
Wednesday's May Consumer Price Index report and Thursday's Producer Price Index reading represent the last major inflation data points before the Federal Reserve convenes for its June 16-17 Federal Open Market Committee meeting. Fed officials have entered their standard pre-meeting blackout period, leaving the inflation prints as the primary inputs markets will use to finalize rate expectations.
CME FedWatch Shows 96% Odds of Unchanged Rates
The CME Group's FedWatch tool shows the odds of rates being held unchanged at the upcoming meeting near 96%. Rate-hike probabilities for later in the year have climbed sharply, with some desks now flagging elevated odds of a hike in the fourth quarter of 2026.
Hezbollah Dismisses Israel-Lebanon Ceasefire Agreement
Diplomatic efforts aimed at ending the conflict in the Middle East hit a fresh obstacle after Hezbollah dismissed a ceasefire agreement between Israel and Lebanon. Safe-haven buying has been a meaningful contributor to gold's longer-term bull run.
Gold Closes Below 200-Day SMA for First Time Since November 2023
Monday's session marked the first close beneath the 200-day simple moving average since November 2023 following Friday's decisive break. Monday's flat session did nothing to repair that damage, and the moving average will now likely act as resistance rather than support on any recovery attempt.
FAQ
What happened to gold futures on Monday?
Gold futures opened at $4,354.00 and closed essentially unchanged after trading to a new two-month low, following Friday's $148 single-session collapse that represented gold's worst day since March.
When is the next Federal Reserve FOMC meeting?
The Federal Reserve will convene for its Federal Open Market Committee meeting on June 16-17, with Wednesday's May CPI report and Thursday's PPI reading representing the last major inflation data points before the meeting.
What are the current odds of the Fed holding rates unchanged?
The CME Group's FedWatch tool shows the odds of rates being held unchanged at the upcoming meeting near 96%, with rate-hike probabilities for later in the year climbing sharply and some desks flagging elevated odds of a hike in the fourth quarter of 2026.
