Gold’s recent correction has challenged the widely held perception of bullion as a reliable safe haven during times of geopolitical stress. However, the latest price action should not be mistaken for a structural shift. Instead, it reflects a combination of macro headwinds and positioning dynamics following an extended rally. At the core of the decline has been the nature of the shock itself. Unlike traditional risk-off environments that support gold, the Middle East conflict triggered a supply-driven inflation shock. Surging energy prices lifted inflation expectations, prompting a reassessment of central bank policy ... (full story)