Gold has never been a safe-haven asset.

It's just a hedge tool against the dollar.
When the dollar is strong, gold must fall.
As long as the dollar doesn't die, gold won't rise.

This Middle East crisis didn't help gold at all.
Instead, it delivered a fatal blow to gold directly.

Why?
Because what got bombed was oil.
Since March, oil prices have surged cumulatively, breaking through the $100 mark.

Oil prices rising equals inflation rising.
Inflation rising means the Fed won't dare cut rates.
The current federal funds rate remains at the high level of 5.25%~5.50%, and the market has even started re-betting on rate hikes.

If the Fed doesn't cut rates, the dollar continues to strengthen.
The dollar index has reclaimed the 100 level again.
10-year Treasury yields are firmly above 4%.

What is gold?
A zero-interest asset.
Treasury bonds give you 4 percentage points of risk-free interest per year.
Gold gives you zero interest.
When crisis hits, funds go crazy chasing interest-bearing dollars. Who would want your non-yielding gold?$XAUT