Gold Fell 3.4% This Week. The Long-Term Case Didn’t.

Gold fell 3.4% in the week ending July 17 — its largest weekly decline since June 1. Six days of U.S.-Iran escalation drove oil up 12%, repricing Fed rate-hike odds and pressuring gold to $3,968. Banks cut their 2026 average forecasts. Asia’s physical buyers did the opposite — and the structural case for gold ownership remains intact.
