Gold dropped below $4,700 this week, hitting around $4,690 during early Asian trading. The selloff caught my attention, especially given how geopolitical tensions are reshaping global markets right now. The US-Iran conflict has been dragging on for weeks now, and it's clearly weighing on investor sentiment. Trump rejected Iran's latest peace proposal, calling it totally unacceptable, while Tehran pushed back hard on US demands. This kind of back-and-forth usually props up safe-haven assets like gold, but the dynamic seems different this time. Higher interest rate expectations are overshadowing the typical geopolitical premium. Since bullion doesn't yield returns, when rates stay elevated, it becomes less appealing to hold. That's been the real headwind. What's interesting is how currency moves factor into this too. When you look at broader FX volatility like the 4800 yen to USD conversions traders are watching, you see how interconnected everything has become. International investors are juggling multiple currency risks alongside commodity exposure. On the jobs front, the April NFP came in stronger than expected at 115K, which surprised a lot of people. March was revised to 185K, so we're seeing a cooling labor market, but the beat still suggests the US economy isn't collapsing. Unemployment stayed flat at 4.3%, which is stable. The stronger-than-expected jobs number actually pressured gold further because it reinforced expectations for higher rates longer. So you've got this interesting dynamic where better economic data is actually bad for non-yielding assets like gold right now. It's a shift from the usual playbook.