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Gold has fallen roughly 3% since the U.S. and Israel struck Iran on Feb. 28, even as Brent crude has surged nearly 40% toward $100 a barrel.
The SPDR Gold Shares (NYSE:GLD) is sitting around $468 while the S&P 500 slides to its lowest since November.
Why Gold Falls First In A War
Giovanni Staunovo, a strategist at UBS Global Wealth Management who was bullish on gold throughout its 64% surge in 2025, told CNBC the drop is textbook.
“Historically, it is not uncommon to see gold falling as first reaction when financial markets show stress signs as gold is a highly liquid asset,” Staunovo said.
When panic hits, investors sell what they can liquidate fast. …
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