Safe Haven De-risking

The formal agreement to secure shipping lanes in the Persian Gulf has removed the primary support pillar for gold. While long-term inflation concerns remain, the immediate 'war premium' has largely dissipated from the spot market.

Institutional Sell-off

Traders are shifting capital toward industrial commodities and equities as the global growth outlook improves. However, central bank buying in Asia is expected to provide a secondary floor near the $4,450 level.