Many would expect that, in light of the current conflict in the Middle East, the #oro would soar as the "safe haven" par excellence. However, we are seeing the opposite. Why? Here I explain the 3 factors that are moving the board this month:
Oil and the "Trap" of Inflation 🛢️: With oil surpassing $110, global inflation has reignited. This has forced the Federal Reserve (Fed) to announce that it will keep interest rates high for longer than expected. When rates are high, gold (which does not pay interest) loses appeal compared to treasury bonds, which are now more profitable.
The Dollar is the new Safe Haven 💵: In this March 2026, the market is not running towards the metal, but towards the #Dólar U.S. The strength of the dollar makes gold, which is priced in that currency, much more expensive for the rest of the world, curbing demand and pushing the price down.
Need for Liquidity (Forced Sales) ⚡: Historically, in the early days of a strong war, large investors sell their most valuable assets (like gold) to get cash quickly and cover losses in other sectors that are sinking. It's a matter of financial survival, not a lack of confidence in the metal.
In summary: It's not that gold has stopped being valuable, it's that the Dollar and Oil are dominating the economic narrative today. It's a technical correction amidst a very complex war landscape.