Gold Defies Risk-On: Why the Metal Isn't Following Oil Lower
The conventional playbook says gold falls when risk appetite rises. On Monday, the playbook took a beating. While crude oil cratered to $68.46 per barrel (its lowest print since February) on news that the US-Iran interim Strait of Hormuz agreement had restored Middle East energy flows, gold moved in the opposite direction. The GLD ETF, the most liquid proxy for bullion, closed the session up 2.03% at $378.13, implying a spot price of roughly $3,130/oz. Silver outpaced it: SLV gained 2.69% to $55.02. The energy market was staging a textbook risk-on unwind. Precious metals staged a rally. The divergence is worth examining carefully. The Oil Story: A War Premium, Removed To understand gold's be…
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