Despite all the uncertainty in the world — especially in geopolitics — gold, which is traditionally considered a safe-haven asset, has fallen by about 15% over the past three months. Why? Have investors' risk-off preferences changed? Not necessarily. The loss of shine in the precious metal largely reflects concerns that the Fed may not only delay interest rate cuts but could even be forced to raise rates again to bring inflation back toward its 2% target. The fact that the U.S. labor market remains remarkably strong, with nonfarm payrolls increasing by 172,000 in May, far exceeding expectations of 85,000, only ... (full story)