Safe-haven demand has been overshadowed by higher energy prices, a stronger dollar and shifting rate expectations. {chart} Despite the escalation of the Iran war, gold prices have fallen around 14% since the conflict began, highlighting how macro factors, particularly interest rates, the US dollar and cross‑asset positioning, continue to dominate short‑term price dynamics. This pattern is consistent with previous shock episodes, where liquidity needs tend to outweigh safe-haven demand in the early stages. Gold's reaction in 2022 offers a useful reference point. Prices rose initially after Russia's invasion of ... (full story)