Gold remains the most widely traded safe haven globally. It benefits from geopolitical stress, US dollar weakness, and negative real interest rate environments. However, its short-term behaviour in 2026 demands explanation. Despite an active war in the Middle East, gold has sold off sharply. The likely cause is the Fed trimming its 2026 rate cut projections, citing hotter-than-expected producer inflation and Strait of Hormuz-driven oil prices creating inflation persistence. Ultimately, gold's bull case rests on falling real yields and a weaker dollar, and right now neither condition is in place. Traders should be ... (full story)