I've been holding my gold for over a year in my pension and enjoyed about a 100% return whilst Trump's regime has sought to destabilise America and the rest of the world.
The equation for the past year has been sticky inflation due to tariffs, a weakening dollar, dovish interest rates, and a whole lot of uncertainty with regards to wars. Well, a lot of the uncertainty has just become relatively certain. We know this war isnt likely to end quickly as there's no incentive for either side to back down any time soon.
We also know that inflation is very likely to skyrocket, potentially to Depression levels, and that interest rates are almost certainly going to have to go up. Essentially, a repeat of Ukraine or much worse.
Oil prices aren't coming down. High oil = high inflation and high inflation = interest rate hikes. The new Fed chair, even though Trump appointed and the son of one of his best mates, is known to be hawkish, even before this Iran crap.
Yes, panic helps gold, but higher yields and a more hawkish rates path hurt it. A lot. We saw that 4 years ago with Ukraine and we saw gold drop hard today even with the Middle East blowing up, because the market has started focusing on the rates side of the equation more than anything else.