Gold is doing the opposite of what it should. The metal is falling for a reason most investors did not see coming. Wall Street's biggest banks have not changed their outlook. Here is why that matters.

“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

Recently, Joint Circular No. 00156 of the Ministry of Finance and the Ministry of Mines of the DRC / Cabinet of the Ministry of Mines / 2026 and Cabinet of the Ministry of Finance / 2026, concerning regulatory measures to standardize control over deviations in the detection of refined cobalt content in exported cobalt hydroxide under the quota system framework of the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets in the DRC, is translated as follows: The English translation of the above text is:

The gold price is currently causing nervousness once again. Since the start of the war involving the USA and Israel against Iran, the precious metal has recorded a daily loss of 4% for the second time.

[Lead-Acid Battery Enterprise Updates] At the beginning of the week, Tianneng Holding Group Co., Ltd., a subsidiary of Tianneng Power (00819.HK), successfully issued its first tranche of privately placed green technology innovation bonds for 2026. This bond is the first dual-labeled corporate bond for both “technology innovation” and “green finance” privately issued by a private enterprise in the interbank market nationwide, and it is also the first technology innovation bond issued by a private enterprise in the Huzhou area.

It is worth noting that the overall overseas ternary cathode demand outlook for 2026 remains subdued. The U.S. market has been sluggish since the fourth quarter of last year, prompting many overseas manufacturers to place their hopes on the European market.