GLD is trading 3% down today as President Trump's announcement of a five-day postponement of strikes on Iranian energy infrastructure de-escalated Middle East tensions.
- Oil prices plunged 7% to $103/barrel, significantly reducing inflation concerns and cooling the demand for gold as a safe-haven hedge.
- Major indices are rallying, with the S&P 500 up 1.27% as investors rotate into risk assets amid revived hopes for a Fed rate cut.