Asia Edition

Gold is closing Q2 2026 down roughly 28% from its January all-time high near $5,600, its worst quarterly performance in thirteen years. The counterintuitive driver: the Iran-Israel conflict that should have supported gold instead reignited oil-driven inflation, forced a hawkish Fed pivot, and sent capital flooding into Treasurys. With ETF outflows accelerating and $4,000 now in sight, investors need to rethink when and why bullion actually works as a hedge.