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https://www.wsj.com/finance/commodities-futures/gold-prices-have-tanked-buying-the-dip-makes-sense-4db80abc

Gold Prices Have Tanked. Buying the Dip Makes Sense.

The precious metal can still hedge against major risks as the Iran conflict drags on

By

July 21, 2026 5:30 am ET

Checkbox — Kevin Warsh, the new chair of the Federal Reserve, explained to a House committee why the central bank needs to become more ‘circumspect’ with its communications. Photo: Tom Williams/CQ Roll Call/ZUMA Press

Gold has suffered a rough few months, tarnishing the bull case for the metal. But it still has a role to play in investor portfolios, and now is a good time to buy the dip.

A yearslong rally in the precious metal came to an end, oddly enough, with the Iran war. Since hostilities began on Feb. 28, gold is down 22%. This seems paradoxical. Shouldn’t a geopolitical crisis that unleashes global price pressures be positive for an asset often billed as a hedge against inflation and instability?

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