Gold's biggest weekly drop since 1983 as Iran war reshapes safe-haven assets
Gold prices just saw their largest weekly percentage drop in over 14 years, tumbling as the Iran conflict sends energy prices soaring and dashes hopes for near-term rate cuts. Even Bitcoin slid below $70k amid the market rattling. Interestingly, analysts note that during this uncertainty, investors are actually selling gold to raise cash, flipping the usual safe-haven script. JP Morgan still forecasts gold could hit $6,000/oz this year driven by central bank demand, but right now, the traditional safe haven is getting tested.
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