Safe Havens Offer Investors Little Shelter From Mideast Conflict -- Market Talk

Dow Jones03-23

0856 GMT - A striking part of the market response to the Middle East crisis has been the poor performance of some safe havens, says Thomas Mathews at Capital Economics. It might not be surprising that government bonds sold off in the face of an inflationary shock, but gold's struggles are arguably more surprising due to its usual role as a hedge in such situations. Gold slid during the Asia session, wiping year-to-date gains. The weakness could be partly due to the bond market's own troubles, Mathews says. "But its woes may also reflect that it had begun to fare, in some respects, more like a 'risky' asset, and the war may have taken some of the froth out of it." If that's the case, a full rebound isn't guaranteed even if the mood improves. (fabiana.negrinochoa@wsj.com)

(END) Dow Jones Newswires

March 23, 2026 04:56 ET (08:56 GMT)

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The weakness could be partly due to the bond market's own troubles, Mathews says. \"But its woes may also reflect that it had begun to fare, in some respects, more like a 'risky' asset, and the war may have taken some of the froth out of it.\" If that's the case, a full rebound isn't guaranteed even if the mood improves. 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