
Gold's reputation over the past year as the go-to refuge in a crisis is taking a battering as war rages and threatens to expand in the Middle East and financial markets buckle.
Spot gold plunged to a 2026 low near $4,100 in early trading on Monday before recovering sharply to above $4,400 after US President Donald Trump announced he was postponing military strikes against Iranian power plants for five days following "very good and productive conversations" with Tehran — a swing of around $300 in the space of hours.