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Gold dropped $35 to $4,684 despite Trump rejecting Iran's peace deal. Risk-on flows into equities and crypto pulled capital away from the safe haven.

Gold's failure to rally on geopolitical escalation is a bearish signal. The metal is trading as a crowded long, not a hedge — profit-taking dominates.

US CPI Tuesday is the swing factor. Hot print revives real-rate fears and pressures gold further; soft print restores $4,730+.

Silver gained nearly 1% to $81.15, outperforming gold. Industrial demand narrative continues to dominate the gold-silver ratio compression.

Silver's dual role — industrial metal plus monetary hedge — makes it the better play in a risk-on, inflation-worried environment. Solar panel demand keeps a floor under prices.

Gold-silver ratio near 57.7 — if gold breaks below $4,650, silver follows regardless of industrial demand. Watch $79.50 support.