Gold had been one of the clearest macro trades in the market through 2025 and into early 2026. Prices surged to fresh all-time highs, briefly pushing above $5,000/ounce, as investors leaned into the familiar safe-haven case amid rising geopolitical tension. But the market has since cooled. As the conflict in the Middle East intensified, with the U.S., Israel, and Iran at the center of it, gold initially moved higher. That rally, however, was short-lived. As safe-haven demand shifted more decisively into the U.S. dollar, gold reversed sharply and fell back below $5,000. More recently, it has been trading closer to ... (full story)