COMEX gold's close near $3,878/oz matters because a 5.5% three-session decline shows how quickly higher rate expectations can raise the metal's holding cost. The simultaneous retreat in stocks, BTC and ETH suggests this was not a simple rotation into safety. That still leaves the safe-haven question open: yields and the dollar may be dominating the near term, without settling whether demand has structurally changed. #GoldDropsBelow4000
