When missiles began flying over Iran on Feb. 28, markets’ reaction followed a familiar playbook: Oil prices spiked, equities fell, and investors rushed, at least initially, into safe havens. Gold, the oldest refuge of all, surged above $5,400 per ounce within days.
And then, despite the war dragging on with unmitigated fury, the gold price stalled for several weeks, before nosediving to below $4,200 on Monday.
What’s going on and where is it headed from here?
This post originally appeared at Morningstar.