Gold (NYSE:GLD) fell to $4,100 on Monday before recovering above $3,800 before erasing all of its 2026 gains after the metal's worst week since 1983. The sell-off has resulted in a more than 20% drop from January's all-time high of $5,590. Senior commodity strategist at TD Securities, Daniel Ghali, stated that the dollar has been the ultimate safe haven during this conflict, which is detrimental to gold as it pays no yield and therefore loses to the dollar on all important measures. The price of a 2026 hike has risen to 17%, up from 9% before the conflict began, and the odds of a recession this year have also increased.