Gold fell in Asian trade after Capital Economics analyst Kieran Tompkins said deteriorating risk appetite for AI-related assets has spilled into commodities, with gold among last week’s worst performers. Tompkins said the metal, traditionally a safe haven, is increasingly behaving like a risk asset; extreme speculative activity in Q4 drove large volatility and gold also underperformed during the U.S.-Iran conflict. He expects further pressure on gold as speculative fervor cools and equities weak

Gold fell in Asian trade after Capital Economics analyst Kieran Tompkins said deteriorating risk appetite for AI-related assets has spilled into commodities, with gold among last week’s worst performers. Tompkins said the metal, traditionally a safe haven, is increasingly behaving like a risk asset; extreme speculative activity in Q4 drove large volatility and gold also underperformed during the U.S.-Iran conflict. He expects further pressure on gold as speculative fervor cools and equities weaken, noting gold’s correlation with the S&P 500 is at about a 14-year high.