Why last year’s safe haven assets are now getting smashed

Gold and silver became the defining trade of 2025 after US President Donald Trump roiled financial markets with his sweeping “liberation day” tariffs that prompted investors to pile into traditional safe-haven assets.

But this year, things are looking a little different. The escalating conflict in the Middle East has sent the oil price up more than 50 per cent, which has raised the spectre of higher inflation and interest rates around the world and caused the price of precious metals to nosedive.

Source: https://www.afr.com/markets/equity-markets/why-last-year-s-safe-haven-assets-are-now-getting-smashed-20260323-p5rml7