Garner Calls a $3,600 Floor. is Gold Going Lower?

GOLD

4,096.10

$/oz

▲ +73.20 (+1.82%)

SILVER

60.80

$/oz

▲ +1.33 (+2.23%)

PLATINUM

1,601.50

$/oz

▲ +51.30 (+3.31%)

PALLADIUM

1,224.50

$/oz

▲ +24.50 (+2.04%)

COPPER

6.20

$/lb

▲ +0.00 (+0.04%)

GOLD MINERS INDEX

658.49

pts

▲ +14.16 (+2.20%)

SPDR GOLD ETF

374.50

$/sh

▲ +6.12 (+1.66%)

SILVER ETF

54.55

$/sh

▲ +1.07 (+2.01%)

Gold Market Context: Macro Drivers

Key macro instruments that drive gold price movements: dollar, yields, risk appetite

DXY

US Dollar Index

101.33 pts

▼ 0.03 (-0.03%)

tailwind for gold

Gold inverse — rising dollar pressures gold

US10Y

10-Yr Treasury

4.46 %

▲ 0.07 (+1.53%)

headwind for gold

Real yield pressure — higher yields weigh on gold

SPX

S&P 500

7,519.90 pts

▲ 161.68 (+2.20%)

headwind for gold

Risk appetite — equity rallies reduce safe-haven demand

BTC

Bitcoin

60,029.99 USD

▲ 89.89 (+0.15%)

positive for gold

Alt safe haven — moves with gold in risk-off

WTI

Crude Oil (WTI)

68.18 $/bbl

▼ 1.05 (-1.52%)

negative for gold

Inflation proxy — rising oil can lift gold

EURUSD

EUR / USD

1.14

▲ 0.00 (+0.33%)

positive for gold

Dollar strength gauge — inverse to DXY

▲ Rising DXY or yields typically pressure gold | ▲ Falling yields or geopolitical risk support gold | Live data — fetched at send time

Market Commentary

Gold Holds Steady After Recording Its Weakest Quarterly Performance in 13 Years

Gold has found a degree of stability after experiencing its weakest quarterly performance in 13 years, reflecting the market's cautious sentiment amid rising expectations for higher U.S. interest rates. The recent decline in gold prices underscores the significant impact that monetary policy has on bullion, as higher rates typically strengthen the dollar and increase the opportunity cost of holding non-yielding assets like gold. Investors are now closely monitoring signals from the Federal Reserve, which could further influence market dynamics. The current environment of elevated inflation continues to support gold's appeal as a hedge, but the interplay with interest rates remains critical. Central bank demand has been robust, providing some underlying support for prices, yet ETF flows have shown signs of weakness, indicating a potential shift in investor sentiment. As we navigate this complex landscape, the balance between inflationary pressures and monetary tightening will be pivotal for gold's trajectory. The geopolitical climate also plays a role, as uncertainties can drive safe-haven buying, but the prevailing focus remains on economic indicators and central bank communications. Overall, while gold has stabilized for now, the factors influencing its price are multifaceted and warrant close attention. Investors should remain vigilant as the interplay of these elements will ultimately dictate gold's performance in the near term.

Gold Price Forecast: Target Zone Reached, Imminent Bottom Expected

Gold prices have reached a critical target zone, indicating that a significant bottom may be imminent. This development suggests that we could see a reversal in the current trend, particularly as we approach key economic indicators such as the upcoming payroll report. The market is likely to react to any surprises in employment data, which could influence investor sentiment and gold demand. Additionally, the interplay between inflation expectations and interest rates remains crucial; if inflation persists while rates stabilize or decline, gold could benefit from increased safe-haven buying. Central bank policies will also play a pivotal role, as continued demand from these institutions can provide a solid foundation for gold prices. Furthermore, geopolitical tensions may drive investors toward gold as a hedge against uncertainty. ETF flows are another important factor to monitor; increased inflows into gold-backed ETFs would signal growing investor confidence in the metal. As we navigate this landscape, it is essential to remain vigilant about market dynamics that could impact gold's trajectory. Overall, the current conditions suggest that we are on the cusp of a potential rebound in gold prices, making it a critical time for investors to reassess their positions.

Garner Calls a $3,600 Floor. is Gold Going Lower?

Gold is currently trading around $4,100, significantly below its all-time high of $5,589 reached on January 28, 2026. The recent shift in monetary policy, driven by a new Fed Chair, aims to reverse the trends that previously propelled gold prices to record levels. This change in direction raises questions about the sustainability of current gold prices and the potential for further declines. Garner's assertion of a $3,600 floor suggests a level of support that may attract buyers, but it also indicates a bearish sentiment in the short term. Investors should be cautious as the Fed's policy adjustments could lead to increased volatility in the gold market. The interplay between interest rates and gold prices remains critical, as higher rates typically diminish gold's appeal as a non-yielding asset. Additionally, the strength of the dollar will continue to influence gold's trajectory, with a stronger dollar generally exerting downward pressure on prices. Inflation expectations also play a vital role; if inflation persists, it could bolster gold's safe-haven status. Central bank demand and ETF flows will be key indicators to watch, as they can provide insights into market sentiment and potential price movements. Overall, while the $3,600 floor may offer some support, the broader macroeconomic landscape suggests that gold could face further challenges ahead.

OCBC Just Cut Its Gold Forecast by $740, the Reason is the Story

OCBC has significantly reduced its year-end gold forecast by $740, bringing it down from $5,100 to $4,360. This adjustment reflects a broader narrative surrounding the current correction in the gold market, which has been influenced by various macroeconomic factors. Investors should note that this downward revision is indicative of a shift in sentiment, likely driven by rising interest rates and a stronger dollar, both of which typically exert downward pressure on gold prices. Additionally, the correction has prompted physical metal holders to seek protection, suggesting that market participants are increasingly cautious about the near-term outlook for gold. Central bank demand remains a critical factor, as any changes in their purchasing behavior could further impact prices. Inflation concerns continue to linger, but if rates rise faster than inflation, gold may struggle to attract safe-haven investment. ETF flows have also been affected, with potential outflows reflecting a lack of confidence in gold's immediate prospects. As we navigate this environment, it is essential to monitor these dynamics closely, as they will shape the trajectory of gold prices in the coming months. Overall, the market appears to be recalibrating expectations, and this significant forecast cut underscores the challenges gold faces in the current economic landscape.

Roxmore Resources | TSX: RMO

• 5.57Moz Au M+I resource at Converse, one of the largest undeveloped gold projects in the US not owned by a major.

• Located on Nevada's prolific Battle Mountain trend alongside some of the world's biggest gold mines.

• PEA filed June 2026.

More →

Today's Interesting Company News

West Wits Secures Funding Package for Qala Shallows Gold Production Ramp Up

(ASX:WWI) West Wits Mining has reached financial close on its US$53 million senior loan facility for its Qala Shallows gold project in South Africa. The company has received an initial drawdown of about US$20.5 million from Absa Bank and Nedbank CIB. The funding will accelerate development towards a 70,000 ounces per annum production target over a 12-year mine life, as outlined in a DFS last year. The study projected a post-tax NPV of US$500 million and an IRR of 81%, using a gold price of US$2850 per ounce, with a payback period estimated at eight months from the end of the peak funding period. The company plans to install potable water infrastructure, with connection to mains targeted for later this year, and new plant and equipment deliveries are scheduled for the third quarter. Qala Shallows is the first new underground mine in South Africa in 15 years, having poured first gold at Ezulwini in March. West Wits is targeting future output of about 200,000 ounces per annum across its wider tenure, with an overall resource base totalling 7.24Moz of gold at 4.0g/t Au.

Tesoro Gold Accelerates DFS Workstreams and Development Readiness for El Zorro Project

(ASX: TSO) Tesoro Gold has accelerated definitive feasibility study (DFS) workstreams and development readiness activities for its 1.82-million-ounce Ternera gold deposit within the El Zorro project in Chile. All core activities are now underway or materially advanced across engineering, mining, processing, infrastructure, permitting, financing, and execution planning to support completion of the DFS by year end. Tesoro has expanded its in-country presence with a strengthened development and execution team and a new Chile office to provide stronger local management. Tesoro Mining Chile, a 95%-owned subsidiary, has secured a non-binding agreement with STRACON Chile to establish an alliance-style framework for the development of El Zorro. GR Engineering Services has commenced DFS process design and engineering for a proposed 3-million-tonnes-per-annum gold processing plant and associated infrastructure at Ternera. Tesoro recently submitted an application for a 21-megawatt power connection supporting a proposed high-voltage power line from Totoralillo to El Zorro. The company projects that results from a recently completed infill drilling program at Ternera are expected to support a planned mineral resource update and maiden ore reserve.

Forrestania Resources Raises $310m to Fund Edna May Gold Hub Acquisition From Ramelius Resources

(ASX:FRS) Forrestania Resources has agreed to acquire the Edna May Gold Hub from Ramelius Resources (ASX:RMS) in a $300 million deal designed to fast-track its push into Western Australian gold production. The acquisition includes the 2.9-million-tonnes-per-annum Edna May mill, associated infrastructure, regional satellite tenements, and a 945,000-ounce gold resource package near Westonia. Forrestania secured firm commitments for a $310m two-tranche institutional placement at $0.40 per share to fund the acquisition, refurbishment work, and working capital. The consideration mix was adjusted to $210m cash and $90m in shares, with Ramelius to receive 225 million Forrestania shares and a $20m deposit plus $190m payable on completion. Ramelius is expected to hold approximately 9.6% in Forrestania, with shares subject to 18 months’ escrow and a further six-month orderly sale commitment. Forrestania estimates a low-cost restart at about $50m and aims to have Edna May fully commissioned and operational in the first half of 2027, with permits already in place. The company expects the two mills to provide more than 6Mtpa of combined targeted processing capacity after refurbishment, upgrades, and completion of the Edna May transaction.

First Mining Receives Federal Approval for the Springpole Gold Project Environmental Assessment

(TSX: FF) (OTCQX: FFMGF) First Mining Gold Corp. announced that the Springpole Gold Project has received its Federal Environmental Assessment ("EA") approval. The Honourable Julie Aviva Dabrusin, Federal Minister of the Environment, Climate Change and Nature, announced on behalf of Canada that the Company's Springpole Project may proceed. The Springpole Project is located approximately 110 kilometres northeast of Red Lake, Ontario, and is described as one of Canada's largest undeveloped gold resources. The federal Decision Statement follows a thorough federal environmental assessment process carried out since 2018, with input from Indigenous communities, the public, and federal government departments and agencies. First Mining also owns a 20% project interest in the Pickle Crow Gold Project and a large equity interest in Seva Mining Corp. The company projects that the Project will generate billions of dollars in government revenue, deliver hundreds of jobs and careers in the local region, provide significant contracting opportunities for regional and Indigenous businesses, support regional infrastructure and services, and add billions of dollars to the gross domestic product. First Mining continues to work on advancing post-EA phase engineering designs and optimizations for the Project towards construction readiness.

First Mining and Slate Falls Nation Agree to Key Terms of Project Agreement for Springpole Gold Project

(TSX: FF) First Mining Gold Corp. announced that it has entered into an agreement (the "Term Sheet Agreement") with Slate Falls Nation for the Springpole Gold Project in northwestern Ontario, Canada. The Term Sheet Agreement details Slate Falls Nation's development parameters for the Project, a collaborative process for advancing regulatory approvals and environmental protections, and mechanisms for Slate Falls Nation to participate in future project design optimizations and financial and business opportunities at the future mine. The Term Sheet Agreement has been endorsed by Slate Falls Chief and Council and commits the parties to diligently working to finalize the Project Agreement, which will be subject to final approval by SFN Chief and Council and the Board of Directors of First Mining. First Mining is advancing two of the largest gold projects in Canada: the Springpole Gold Project in northwestern Ontario, where permitting activities are on-going with a final Environmental Impact Statement / Environmental Assessment submitted in November 2024, and the Duparquet Gold Project in Quebec, a PEA-stage development project. First Mining also owns a 20% project interest in the Pickle Crow Gold Project in Ontario and a large equity interest in Seva Mining Corp. The company projects entering into a Project Agreement with SFN and advancing feasibility and permitting activities related to the Springpole Gold Project.

Hayasa Metals | TSXV: HAY | OTCQB: HAYAF

• First-mover copper-gold exploration in Armenia, center of the prolific Tethyan belt, vastly under-explored.

• Vardenis flagship property: Teck Resources signed option to earn up to 80%.

• US-Armenia critical minerals MOU signed May 26, 2026, with agreement to be formalized within 6 months.

• Management team behind four significant gold deposit discoveries, two acquired via corporate take-over.

Find out more →

For informational purposes only.

ADVERTISE

Gold Bulletin

Continue reading — it’s free

Enter your email for instant access to Gold Bulletin’s free daily gold & public company intelligence.