Gold plummets 10% in a day, the safe-haven king's crown falls.
Gold has dropped nearly 20% from its January all-time high, approaching a technical bear market. It has fallen 10% just since the Iran war began.
By normal logic, geopolitical conflict escalation should push gold up. Why is this time different?
The market has repriced rate expectations: rate cuts are basically postponed to after end-2026, and "higher for longer" has become consensus. Meanwhile, oil prices have surged due to Middle East tensions, pushing up inflation expectations, which in turn reinforces the high interest rate envi
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