Gold retested the $4,500 level tonight, with international gold prices plummeting from $4,580 all the way down to $4,499.90, directly wiping out all of yesterday's gains. Meanwhile, Brent crude oil surged over 4%. The behind-the-scenes reason for this stark contrast involves three core factors for gold's sharp decline.

First, the market is thoroughly disappointed with the US-Iran negotiations and conflicts. Previously, the market believed both sides could reach an agreement, with the Strait of Hormuz reopening and oil prices falling. However, the US is negotiating while conducting airstrikes, and Iran has responded directly, making the so-called peace talks seem more like a delaying tactic by the US.
Second, Goldman Sachs commodities chief said in March that they openly shorted gold, clearly predicting the price would first retreat to $4,000 before surging to $10k. The core logic is that some countries, in order to pay high energy bills, are being forced to sell off their gold reserves.
Third, and most easily overlooked as a black swan event, Malaysia suddenly imposed a 10% tariff on gold bar imports. In the first four months of this year, they imported $2.5 billion worth of gold.
Now, the tax increase makes importing gold unprofitable, leading to many shipments being seized, customs reselling to other countries, directly disrupting Southeast Asia's gold trade. In the short term, market liquidity has sharply tightened, with geopolitical conflicts escalating on one side and institutions bearish on the other, while trade disruptions intensify. The battle between bulls and bears has already become fierce.