Gold fell more than 20% from its January record of $5,318 after a fresh U.S.–Iran attack round. The metal dipped 1.2% to $4,055 on Monday, while the Nasdaq fell 1.3% and oil climbed.

Retired adviser Stu Bradley sold part of his holdings when prices peaked, saying he’d seen similar spikes before. He now keeps only 10% of his portfolio in gold and silver.

The benchmark ETF GLD is down 25% from January’s peak, and silver has dropped 49% from its $115 record. Investors worry that the conflict could lift energy costs, spur inflation, and force the Fed to keep rates high.

Gold’s slide underscores the volatility of precious‑metal markets amid geopolitical tension and shifting economic expectations.