The price of gold has tumbled more than 15 per cent since the start of the Iran war, in a dramatic market rout that has raised questions over the precious metal’s perceived role as a haven asset.
Gold is typically seen as a beneficiary of geopolitical uncertainty, and for the first 10 days of the Middle East conflict it broadly held its prewar value even as stocks and bonds sold off.
But the precious metal has since been caught up in the turmoil that has upended markets during the war, as investors eager to raise funds to cover losses elsewhere cash in their gains after the metal’s storming two year rally.
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