Gold spot fell to $4,367 an ounce Tuesday, down 1.2% from its intraday high, even as a genuine escalation in the Strait of Hormuz might normally be expected to lift safe-haven demand. The move lines up instead with a fresh 19-year high in the 30-year US Treasury yield, which raises the opportunity cost of holding a non-yielding asset like gold. The divergence suggests bond markets, not geopolitical headlines, were the dominant force on trading desks Tuesday afternoon.
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