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🟡 Gold Is Falling Despite War—Why? The market isn’t trading war as a simple safe-haven story anymore. US-Iran tensions → oil rises → inflation fears increase → rate-hike expectations rise → Treasury yields climb → $XAU faces pressure. So the key variables now are oil and yields, not just geopolitics. If crude approaches $100, gold could remain under short-term pressure while tech stocks face another headwind. The real trade is: Will war reignite inflation? 👀