Gold and Silver Extend Their Post-Fed Slide as Big Tech Drags Wall Street Lower
The market is still dancing to the Fed's tune. Gold and silver fell again, with gold sliding to around $4,128 and silver dropping a sharp 3.5%, as a firmer dollar and growing rate-hike bets kept the pressure on metals. On Wall Street it was a split picture: Big Tech sold off hard and dragged the S&P and Nasdaq lower, even as the Dow edged up and small caps hit a record. Oil eased as US-Iran talks moved forward.
Market snapshot
| Instrument | Level | Move |
|---|---|---|
| Metals | ||
| Gold (XAU/USD) | ≈ $4,128 | −1.48% |
| Silver (XAG/USD) | ≈ $62.70 | −3.48% |
| US equities (Mon close) | ||
| S&P 500 | ≈ 7,473 | −0.37% |
| Dow Jones | ≈ 51,579 | +0.29% |
| Nasdaq Composite | ≈ 26,167 | −1.32% |
| Forex & energy | ||
| EUR/USD | 1.1424 | −0.04% · dollar firm |
| Brent Crude | ≈ $77.5 | eased on Iran supply |
US equity figures are Monday, June 22 closing levels; metals, FX and oil are verified on live price pages into June 23. Silver is a spot figure from a single source. Some major FX pairs are omitted where a dated quote could not be confirmed. Always check live prices with your broker.
A market still run by the Fed
Last week's hawkish Fed hold is still setting the tone. Policymakers left rates unchanged but signalled they are in no rush to cut, and the mood has hardened since: nine of the Fed's nineteen officials now project at least one rate increase this year, and markets have started to price the chance of a hike as early as September. That has done two things that hurt gold at once. It has kept the dollar firm and Treasury yields up, and gold pays no yield, so when cash and bonds look more attractive the metal tends to drift. Gold has now given back a large chunk of its recent run, down roughly 1.5% to about $4,128, and silver fell harder, off about 3.5% to near $62.70. Higher yields and a firmer dollar were doing the damage.
Live gold chart (last month). Prices shown are current, not the session covered above.
Big Tech sinks, the Dow holds
Wall Street pulled in two directions on Monday. The weight came from Big Tech: Alphabet fell about 5% on worries about an exodus of AI talent, with Amazon down 4.8%, Microsoft off 3% and Meta down 2.3%. That dragged the tech-heavy Nasdaq down 1.32% and pulled the S&P 500 down 0.37%. Underneath the mega-cap names, though, the picture was healthier: the Dow rose 0.29%, led by a near 4% jump in Caterpillar, and the Russell 2000 small-cap index touched 3,000 for the first time ever. When money rotates out of crowded tech and into industrials and smaller companies, the index headline can look worse than the market underneath it. That is roughly what happened here.
Oil eases as US-Iran talks advance
Energy was the quiet mover. Brent crude slipped toward $77.5, having already dropped around 3% on Monday, after Washington issued a 60-day license allowing Iran to sell oil on international markets. With mediators pointing to a 60-day roadmap and talks described as productive, traders are pricing a gradual recovery in Persian Gulf supply, and more barrels means less upward pressure on crude. A softer oil price also takes a little heat out of the inflation story, though for now the Fed and the dollar are the bigger forces on this market.
What it means for the week ahead
The theme has not changed: until the dollar turns, rallies in gold are more likely to be sold than chased. This week brings the fuel for the next move, with June business activity surveys (PMIs), the final reading of first-quarter GDP, University of Michigan inflation expectations and the Fed's preferred PCE inflation gauge all due. Any of them can shift rate-hike odds and the dollar with them. In a trend-driven, headline-sensitive market like this one, the discipline matters more than the forecast: keep risk small per trade and size every position deliberately. If you want to know which of this week's releases could move the dollar, our guide to the economic events that move forex breaks them down.
This market wrap is for information and education only and is not financial advice, a forecast, or a recommendation to buy or sell any instrument. Prices and percentage moves are approximate, sourced from public price pages and reports, and may be delayed or revised. Trading forex, CFDs and leveraged products carries a high level of risk and may not be suitable for all investors; you can lose more than your deposit. Always do your own research.