Gold is again falling sharply, with the stock market. Why it’s not behaving the way it used to during a crisis.

Site SearchClearSEARCHAdvanced Search ➔Search ResultsSymbolsNo results foundAll NewsArticlesVideoPodcasts0 ResultsNo Results FoundAuthorsNo results foundSectionsNo results foundColumnsNo results found Gold is again falling sharply, with the stock market. Why it’s not behaving the way it used to during a crisis.Since the outbreak of the Iranian war, gold has behaved more like any other risk-on assetPublished: April 2, 2026 at 5:10 a.m. ETShareResizeListen(4 min)After troughing last week, gold had been recovering in line with other risk-on assets until Wednesday's presidential address undermined investor sentiment Photo: Getty ImagesGold’s switch from being a safe-haven asset to reflecting the broader market’s mood was reinforced on Thursday, as the metal’s price dropped sharply.The Iran war has reversed the traditional relationship of gold to geopolitical turbulence. With the outbreak of hostilities in the Middle East, gold fell around 12% in March. To compound matters, after an inconclusive and at times contradictory address to the nation from President Trump sent markets sprawling Thursday, gold declined along with equities, crypto and other assets considered risk-on. About the Author Jules RimmerJules Rimmer is a markets reporter in London.Rimmer spent more than 30 years as a trader and stockbroker in financial markets, starting at Salomon Brothers in the Liar's Poker era, taking in ING Barings, Jefferies and ending it in emerging markets at Investec. He hung up his headset and pivoted to journalism in 2021.Show Conversation (0)Back To TopA Dow Jones CompanyCopyright © 2026 MarketWatch, Inc. All rights reserved.Terms of UsePrivacy NoticeCookie NoticeArchive MarketwatchCustomer CenterContact UsNewslettersNewsroom RosterVirtual Stock ExchangeMarketWatch GuidesCopyright PolicyManage NotificationsCancel My SubscriptionCompanyDow JonesCode of ConductCorrectionsReprints & LicensingDigital Self ServiceYour Ad ChoicesCorporate SubscriptionsAccessibilityDow Jones NetworkThe Wall Street JournalBarron'sInvestor's Business DailyFinancial News Londonrealtor.comMansion GlobalDow Jones Smart MoneyIntraday Data provided by FACTSET and subject to terms of use. Historical and current end-of-day data provided by FACTSET. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.