Gold (NYSE:GLD) fell as low as $4,100 on Monday before recovering above $4,400, erasing all of its 2026 gains after the metal’s worst week since 1983.
The sell-off has wiped more than 20% from January’s all-time high of $5,590, and Daniel Ghali, senior commodity strategist at TD Securities, says the safe haven crown has changed hands entirely.
“The dollar has been the ultimate safe haven during this conflict,” Ghali said, “That is detrimental to gold since over the last year, gold has been the ultimate safe haven.”
The Trade That Broke
The logic appears straightforward. The war pushed oil above $100, which may be reigniting inflation and eroding rate-cut expectations. The dollar and Treasury yields have both climbed. Gold pays no yield, so in …
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