US-Iran Strikes Lift Safe-Haven Demand, But Macro Still Caps Gold

Direct US-Iran strikes raise Middle East war risk and can trigger a safe-haven bid, especially if the conflict threatens energy flows or escalates beyond symbolic retaliation. Even so, the headline’s note that gold is down 25% from its record suggests broader macro forces are still overpowering the geopolitical bid, so the net impulse is bullish but not guaranteed to stick.

Direct state-on-state military exchange; higher risk of escalation and energy/chokepoint disruption; safe-haven support likely, but trend may be capped by stronger broader-market headwinds