New Delhi, April 14 -- Gold has entered one of its most challenging phases in recent years, correcting nearly 20% from its January peak as multiple macro and geopolitical pressures converged at once. What makes this decline unusual is that it has come despite heightened global uncertainty, a phase where gold typically thrives as a safe-haven asset.

A broad sell-off across equities, bonds, and currencies, combined with a stronger dollar, rising bond yields, and record ETF outflows, has weighed heavily on prices. At the same time, escalating tensions between the U.S. and Iran, including plans to blockade the Strait of Hormuz, have added complexity to the outlook. While geopolitical risks remain elevated, rising energy prices and inflation ...