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.

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.

“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.

[China Iron Ore Brief Review: Iron Ore in Shandong May Continue to Edge Higher] This week, at mines and beneficiation plants in Shandong, the ex-mine quote for 64 grade alkaline fines on a dry basis, before tax and settled by bank acceptance, was 899, up 17 yuan/mt. Steelmakers raised prices in tandem, most miners maintained normal production, and some mines slightly increased output. Steel mills showed moderate willingness to purchase, mainly under long-term contracts, while shipments from small plants and traders were also relatively good, with overall transactions improving; after a large mine in Zaozhuang resumed production

Delaware Depository, a COMEX/NYMEX Depository for the storage and delivery of gold, gold (enhanced delivery), silver, platinum, and palladium deliverable against the Exchange’s respective futures contracts, will implement new rates in connection with Storage of Gold, Gold (Enhanced Delivery), and Silver at its facilities located in Delaware. The new rates reflect the maximum amounts of fees that can be charged and will be effective July 1, 2026.

[Zinc Concentrates Production Information] Gold Resource disclosed its production for Q4 2025, during which its zinc metal production was 750 mt. In 2025, its copper, lead, and zinc production fell 59%, 56%, and 54%, respectively, from 2024. These declines mainly reflected the sequencing of mining into portions of the mineralized system with a relatively higher proportion of precious metals and lower base metal content than in the previous year.

According to foreign media reports, Ora Banda Mining increased the newly discovered resources at Round Dam tenfold in just over six months. The mining area is very close to the company's Davyhurst beneficiation plant in Western Australia. The Round Dam gold mine was discovered long ago, but its large gold system was not identified until August last year. In terms of resource classification, measured resources were 408,000 ounces, and inferred resources were 922,000 ounces.

Renascor Resources Drilling at Bulloo Creek intersected cobalt and copper mineralisation associated with magnetic anomalies, delivering several intervals with economically promising grades. The results indicate a south-dipping cobalt ± copper mineralised horizon, with mineralisation confirmed in both eastern and western anomalies, suggesting a broader mineralised trend. At the Marree Project, negotiations on a Native Title agreement have progressed, which is expected to facilitate exploration of uranium as well as copper-gold targets. Uranium targeting work has also commenced at the Wooltana Project, while rare earth exploration at the Tumby Bay prospect on Eyre Peninsula is advancing, with plans to expand soil geochemistry programs to further define the scale and extent of mineralisation.

Gold is a widely known safe-haven asset and tends to benefit during geopolitical turmoil, but the metal has remained largely range-bound amid the latest Middle East conflict involving Iran, the United States and Israel.

Gold prices fall due to interest rate gloom and Middle East tensions. US Fed and major central banks likely to maintain current interest rates. Long-term gold outlook positive, seen as a hedge against risks.