Spot gold fell nearly 4% overnight, silver dropped more than 5%, and domestic gold jewelry per-gram prices followed suit, plunging by 30 yuan. Traditional safe-haven assets didn’t hold up this time.

What’s interesting is that gold and silver—and crypto—are often grouped under the same “inflation hedge” narrative, but today only gold and silver are falling. Where the funds rotate to, the market will give the answer soon.

$COTI #贵金属 #避险资产 #inflation trade