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Gold XAU , silver XAG, bitcoin crash as safe-haven appeal fades following Fed decision.
Gold plummeted as much as 6% on Thursday, with the precious metal acting like anything but a safe-haven asset as the Middle East conflict escalates.
Investors went risk-off as the prospects of higher inflation lowered the chances investors are placing on Fed rate cuts.
Gold futures below fell to $4,500 per ounce, while the broader metals complex was also hammered, with silver and copper dropping 13% and 5%, respectively. Even "digital gold" was battered, with bitcoin (BTC-USD) dropping below $70,000.