🔴 GLD is trading 3.1% down today as Iran rejects the U.S. ceasefire proposal and oil prices surge

GLD is trading 3.1% down today as Iran’s rejection of a 15-point U.S. ceasefire proposal reignites Middle East tensions, reversing yesterday’s 3% gain on initial peace hopes.

• Escalating conflict fears and potential Strait of Hormuz fees have driven oil prices above $100/barrel, boosting inflation worries and Treasury yields while strengthening the U.S. dollar.
• Precious metals are under pressure as investors shift away from safe-haven assets due to higher real yields and expectations that the Fed will not cut interest rates in 2026.
• Spot gold has declined over 2% to approximately $4,439/oz, erasing the entirety of the previous session's rally as geopolitical risks intensify.