Why Is Gold Going Down Today? XAU/USD Price at Monthly Lows

About this update from Gold Bond Group Ltd.

Gold traded near $4,580 per ounce on Monday, May 4, 2026, falling more than 1% on the session and roughly 2% from last Friday's intraday peak as a firmer dollar, rising Treasury yields, and a fresh tanker strike in the Strait of Hormuz pushed XAU/USD to its lowest level since late March.Intraday selling tagged $4,560, the metal's first sub-$4,580 print in more than five weeks. Spot now trades approximately 18% below the $5,595 January 29 all-time high.The harder question is not why gold is going down today. It is whether anything structurally has changed on the chart. From my reading, it has not.Follow me on X for real-time market analysis: @ChmielDk.What pushed gold lower on May 4?The session move came from the same paradox that has defined the metals tape for two months. The Middle East war pushes oil higher, oil pushes inflation expectations higher, inflation expectations keep the Federal Reserve frozen, and a frozen Fed keeps real yields elevated. Higher real yields raise the opportunity cost of a non-yielding asset."Gold declined on Monday as the metal faces a stable US dollar and rising Treasury yields. Ongoing inflation concerns arising from elevated oil prices could continue to push monetary policy expectations toward more caution, lifting yields and weighing on non-yielding assets such as bullion," said Paolo Broccardo, CEO at BankPro.Broccardo's framing matches the price action: the dollar index sits firm above 98, ten-year yields are in the 4.3-4.4% range, and a tanker was struck by projectiles in Hormuz earlier today.The mechanical drivers behind today's session:Dollar Index holding above 98,ten-year Treasury yields in the 4.3-4.4% rangeTanker struck by projectiles inthe Strait of Hormuz Monday morning, oil bidISM Prices Paid printed 84.6 inApril, the highest reading since April 2022Gold-backed ETFs in netoutflows last week after a three-week inflow streakCME FedWatch shows over 90%probability the Fed holds at 3.50-3.75% in JuneGold technical analysis: the channel still holdsIn 15 years reading gold charts, I have learned that the most useful response to a 2% session is not to ask "why" but to ask whether anything structurally changed. Today, on the daily chart, nothing has.XAU/USD remains inside the same dual consolidation it has traded for over a month. Two overlapping boxes define it. The faster box is bounded by exponential moving averages...

View stock analysis, news, and events for Gold Bond Group Ltd.