Chart-in-Focus: Is Gold Still Behaving Like a Safe Haven?

Gold has long been regarded as a refuge when uncertainty rises. Recent trading has complicated that familiar relationship. Geopolitical tensions have remained elevated, yet international gold prices have fallen. On September 28, spot gold declined sharply and touched its lowest level since early August, even as concerns about oil supplies persisted. At the same time, US Treasury yields climbed. Investors seeking an explanation for gold’s weakness therefore need to look beyond the geopolitical headlines.