Gold is behaving more like a risk asset in 2026, selling off sharply amid heightened geopolitical tensions and a stronger dollar, but the de-dollarization trend still makes it a good long-term investment, according to commodity analysts at HSBC. "Moves in the gold price since the Iran conflict broke out have defied expectations,” the HSBC Asset Management analysts wrote. “The conventional playbook assumed that mounting geopolitical tensions and economic uncertainty would naturally boost the yellow metal, mirroring last year’s ‘Liberation Day’ episode and sustaining a spectacular two-year rally.” Instead, the ... (full story)