Gold futures on COMEX posted a 2.23% intraday swing on June 21, ranging from $4,138.70 to $4,231.40 before settling at $4,172.50, as traders positioned ahead of the Federal Reserve's July policy meeting.
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Gold futures swing 2.23% in volatile session as traders weigh rate outlook
Gold futures swung 2.23% intraday on June 21, touching a high of $4,231.40 before settling at $4,172.50 on COMEX.
The session range of $92.70 between the low of $4,138.70 and the high of $4,231.40 marked one of the widest intraday moves for the benchmark contract in recent weeks, according to exchange data. Volume reached 76,036 contracts, compared with the 20-day average of approximately 65,000 contracts, indicating elevated participation.
The open at $4,163.90 gave way to selling in early trade before buyers stepped in near the session low, pushing prices back above the $4,170 level by the close. The 2.23% amplitude reflects heightened uncertainty around the direction of US interest rates and the dollar's trajectory heading into the second half of 2026. Silver tracked gold's volatility, with the white metal also posting a wide intraday range as the precious metals complex faced cross-currents from shifting rate expectations.
Gold at current levels remains well above its 2026 average, with the next major test coming from the Federal Reserve's July policy meeting. A rate cut would likely support further upside, while a hold could trigger another wave of profit-taking near the $4,200 resistance zone. COMEX warehouse stocks stood at 18.2 million troy ounces as of the latest weekly report, providing a cushion against physical delivery concerns.
This article is for informational purposes only and does not constitute investment advice.
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