Why Traders Didn't Run to Gold
Typically, a spike in Middle East conflict sends gold higher. Not this time. The strikes, which targeted Iranian positions, came at a moment when a previously negotiated truce was showing signs of holding. That truce now looks shaky — but gold didn't benefit. One possible explanation: the broader economic sanctions already grinding on Iran may be changing the calculus. Investors may be betting that the conflict stays contained, or that gold's safe-haven role is fading as other assets compete for the same capital.
The Truce That Wasn't Meant to Break
The agreement the strikes endangered had been months in the making. Brokered through back-channel talks, it was meant to de-escalate a years-long standoff. US officials had signaled support for the deal, but the military action suggests a split within the administration. Now, the terms
