Gold fell even as Iran's declared ceasefire collapsed and its Revolutionary Guard struck more than eighty US installations in Bahrain and Kuwait, a divergence that points to what is actually driving the metal. Hours earlier, Federal Reserve minutes showed nine of eighteen officials penciling in a 2026 rate hike, up from zero in March, pushing the odds of a September hike back to sixty-six percent. Gold's decline confirms markets are pricing that rate signal over the safe-haven case the war headlines alone would suggest.
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