Gold extends drop as US-Iran strikes override safe haven bid

Gold fell to four-month lows around $4,400 per ounce despite fresh US airstrikes on Iran, extending what has become its worst monthly performance since October 2008. The traditional safe-haven bid is being crushed by dollar strength and expectations that higher oil prices will keep central banks hawkish for longer. Silver tumbled 6% on Indian exchanges, hitting limit-down circuits. The counterintuitive move reflects a market where inflation fears from energy spikes now matter more than geopolitical risk premiums.