Gold futures plunge $111 as Iran talks unravel and Treasury yields hit 2026 highs

Gold futures tumbled $111 on Friday in one of the year's steepest single-session drops, pressured by a mix of stalled Iran diplomacy, rising oil prices, a firmer U.S. dollar and Treasury yields climbing to their highest levels of 2026. June COMEX gold settled around $4,615 an ounce. The contract is down about 3% for the week and sits more than 17% below its January record near $5,589. The selloff followed fresh geopolitical headlines after President Trump's two-day summit with Chinese President Xi Jinping in Beijing. Trump rejected a proposed Iranian peace framework and warned that if Tehran did not accept U.S. terms—including a halt to nuclear enrichment and removing restrictions affecting the Strait of Hormuz—U.S. military operations could resume with greater intensity. Iran pushed back against outside pressure, leaving the two sides further apart by the end of the summit. Full article at Kitco: