S&P 500 Outperforms Gold as Best War Hedge During US-Iran Conflict, Up 9% vs Gold Down 17%

US5000.26%
NDAQ2.48%
BTC1.85%
During the US-Iran war from February 28 to June 17, 2026, US equities proved the strongest hedge while precious metals collapsed. The S&P 500 climbed 9% above its pre-war level and the Nasdaq surged roughly 14%, reaching fresh records. In contrast, gold dropped 17% by the war's end and extended losses to 22% by mid-July as hostilities reignited, while silver sank 37% over the same stretch. Bitcoin, which had rallied to an intraday high of $82,791 in May, round-tripped and closed the war down about 2%, behaving as a risk asset rather than a safe haven. Oil was the only traditional hedge that tracked the conflict as expected, surging 63% to $118 by late March before reversing as peace took hold.
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