Gold’s intraday drop from new highs looks more like a classic “hot data + higher‑for‑longer” flush‑out than the end of the safe‑haven story.

Stronger‑than‑expected US PPI, retail sales and a firm labour market all push the Fed narrative back toward sticky inflation and policy rates staying elevated, which is naturally a headwind for non‑yielding assets like gold. At the same time, those same data points do *not* resolve the underlying geopolitical risks that helped drive gold to record levels in the first place. The market is simply repricing how much it is willing to pay for protection when real yields moves.

The key question is whether the pullback stabilises above prior breakout zones and key moving averages. If gold can base above recent support while real yields stay contained and geopolitical tensions remain elevated, this episode will likely be remembered as a reset within an ongoing bull phase rather than a trend reversal. For now, the slide says more about positioning and rate expectations than about the death of the safe‑haven trade.