The Iran conflict still has a very large effect on gold's path, as a continued conflict will keep oil prices elevated, and therefore inflation and inflation expectations elevated, which leads to higher long-end yields, a selloff in long-duration assets such as the Magnificent 7, and a stronger dollar as deleveraging progresses. Both higher yields and a stronger dollar do not bode well for a bullish gold thesis.

The Iran conflict still has a very large effect on gold's path, as a continued conflict will keep oil prices elevated, and therefore inflation and inflation expectations elevated, which leads to higher long-end yields, a selloff in long-duration assets such as the Magnificent 7, and a stronger dollar as deleveraging progresses. Both higher yields and a stronger dollar do not bode well for a bullish gold thesis. · Meridian

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