At the end of June 2026, gold closed a remarkable quarter. The precious metal had its weakest three-month period since 2013, thirteen years ago. For anyone with jewellery, coins or old gold still lying at home, that raises a logical question. Below we calmly set out what happened and what it means if you want to sell your gold.
What happened with the gold price
On 30 June, gold traded around 4,031 dollars per troy ounce. Earlier that day the price briefly dropped to the lowest level since November 2025. Over the whole quarter it was the largest loss since the second quarter of 2013, and the first quarterly fall since 2024. Over the month too, gold was down more than 11 percent, the fourth month in a row of decline.
The cause lies not in panic, but in two sober market forces. The US dollar stayed strong, and more and more investors assumed the US central bank will raise rates sooner than cut them. On top of that came the high rates on bonds.
Why a strong dollar and high rates weigh on gold
Gold earns nothing by itself. It pays no interest or dividend. As long as rates are low, that does not matter, because saving then earns little too. But as soon as rates rise, a savings account or a bond becomes more attractive, and gold becomes less interesting by comparison. Investors then shift part of their money out of gold.
A strong dollar plays a role because gold is traded worldwide in dollars. If the dollar becomes more expensive, gold costs more for buyers who count in euros or another currency. That curbs demand and pushes the price lower. Those two moves together explain why this quarter turned out so weak.
Yet central banks keep buying
What is striking in this story is what happens on the other side of the market. While investors stepped back, central banks kept buying gold. According to a survey by think tank OMFIF, published at the end of June, 61 percent of the central banks polled expect gold to trade between 5,000 and 6,000 dollars per ounce within twelve months. Major bank Goldman Sachs also stuck to a price target of 4,900 dollars for the end of 2026.
Central banks do not buy to make a quick profit, but to spread their reserves and depend less on a single currency. That sustained demand forms a firm floor under the market, even in a weak quarter. It explains why a dip is something other than a collapse.
A weak quarter in dollars does not mean your gold is worth little. Even after the dip the price is much higher than a few years ago, and your sale price depends mainly on the weight and the fineness of your pieces.
What this means for your sale
The rate you see in the news is the price for pure gold per ounce, in dollars. Your jewellery is not. An 18-carat piece contains 75 percent gold, the rest is alloy. That is why we always convert back to the pure gold value of your pieces, per gram, and take the exchange rate to the euro into account.
A weak quarter changes little about that. Your gold has not lost its value. But the amount you receive can differ from week to week because of the swings. That is why something else counts more than the exact moment of selling, namely knowing how your price comes about. An honest buyer works with a transparent margin and shows you the calculation. So always ask for the price per gram of pure gold and for the carat fineness applied.
In short
Gold had its weakest quarter in thirteen years, driven by a strong dollar and the expectation of higher rates. At the same time, central banks keep buying and are betting on the long term. For you as a seller, the essence changes little. Have your gold valued without obligation, so you know what it is worth today. With that figure in hand, you decide at your own pace, whether you sell or not.