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The Iran War Just Got Worse. Gold Barely Noticed.

Trading desk monitor showing a nearly flat gold price chart, illustrating gold not reacting to the Iran war despite this week's escalation.

Gold and silver crashed when the U.S.-Iran conflict escalated Tuesday, then barely moved when it got worse Wednesday. The real driver isn’t the war — it’s Fed rate-hike odds, already elevated before the strikes began, and what they mean for holding non-yielding metals.

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