Gold Plunges 7% in a Single Day, War Fails to Boost Safe-Haven Assets | Rewire Evening News
Gold and silver experienced a sharp decline, with gold dropping 7.2% to $4,551 and silver falling 13.9% to $66.93, despite ongoing Middle East tensions. This unusual drop in traditional safe-haven assets is attributed to a stronger US dollar, rising inflation expectations, and tightening liquidity. The conflict escalated as Israel targeted Iran's South Pars gas field, a key global LNG source, driving oil prices to record highs. Iran retaliated by attacking energy facilities in Saudi Arabia and the UAE. The Pentagon labeled Anthropic's AI safety protocols a national security risk, amid broader military AI adoption. Crypto.com cut 12% of its workforce, reflecting a industry shift toward AI-driven operations. Global stock markets fell due to combined pressures from hawkish Fed policies, energy-driven inflation, and supply-side constraints. The BOJ maintained rates but raised inflation risks, while Apple plans to integrate Gemini-powered Siri. US gasoline prices surged, reinforcing stagflation narrative.
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