Is Gold Losing Its Hedge — When Safe Havens Fail, What's Left?

Gold’s reputation as the market’s ultimate safe haven is facing one of its toughest tests in recent times.
Since the beginning of June, the yellow metal is down by over 4.3%, hitting an intraday low of $4,268.9 per ounce on Monday. The decline is the aftermath of a stronger-than-expected U.S. nonfarm payrolls report that reignited expectations for higher interest rates.
Overall, it is a dramatic round trip for bullion, erasing the entire year’s gain. When the metal reached near $5,600 an ounce in January, it was up nearly 30%.
What makes the selloff remarkable is the broader context. The United States and Iran remain locked in conflict, the Strait of Hormuz remains disrupted, and U.S. inflation is running at 3.8%—conditions that would traditionally trigger a rush into defensive assets.
Ins