Gold is on track for its longest losing streak ever as geopolitical tensions escalate over Iran, contradicting earlier gains fueled by expectations of Federal Reserve rate cuts. Market sentiment remains volatile despite weak US economic data that initially boosted gold.
- Gold (GC=F) is on track for its longest losing streak ever.
- The metal posted a weekly gain earlier in the week due to cooler US economic data.
- Expectations of Federal Reserve rate cuts initially supported gold prices.
- Geopolitical tensions involving Iran are contributing to market volatility.
- Crude oil futures (CL=F) and the CBOE Volatility Index (^VIX) remain elevated.
- Investor behavior is shifting away from gold's traditional safe-haven appeal.
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