Gold Fails to Rally Despite Escalating US-Iran Conflict

Over the weekend, the conflict between the United States and Iran escalated sharply. Three American service members were reported killed, and the US conducted its ninth consecutive night of airstrikes on Iranian targets, expanding operations beyond military sites.

Despite these heightened geopolitical tensions — typically a bullish driver for safe-haven assets — gold prices did not see a rally. The metal's muted reaction suggests that war risk may already be priced in or that other macro factors are offsetting the geopolitical premium.