Gold is usually seen as a safe bet during global tensions, but even with ongoing Middle East conflicts, investors aren't flocking to it.
Instead, rising bond yields and a stronger dollar are making gold less attractive right now.

A mix of things: selling linked to forced deleveraging, margin-driven liquidations and position reductions after gold's big rally earlier this year, some are rebalancing their portfolios, and expectations that US interest rates will stay higher for longer have all pushed prices down further.
Even global events haven't been enough to keep gold shining this time.