The Globe and Mail reports in its Saturday, March 28, edition that the price of gold has taken a beating since the start of the Iran war. The Globe's David Berman writes that it traded as low as $4,100 an ounce this past Monday, down 27 per cent from its high in January. After President Trump signaled a willingness to end hostilities, gold rebounded slightly but stayed well below its highs. As of Thursday, it was still down about $800 an ounce since the war began. This weak stretch may surprise those who view gold as a safe haven during rising inflation, increasing geopolitical tensions and weakening confidence in paper currencies. Bullion's rise to a record high above $5,600 an ounce in late January was largely attributed to concerns about huge government debts and the dismal outlook for the U.S. dollar. Some central banks increased their gold holdings to diversify their foreign exchange reserves away from the U.S. dollar, which added to gold's allure. Gold's sharp decline suggests it is not much different than a hot stock that rose too high, too fast. The rally may have been driven by momentum-chasing investors. Now, these investors may be losing their nerve as financial markets turn rocky.