As rising real rates apply pressure on gold prices, the precious metal's role as a safe haven is increasingly under scrutiny, particularly with the backdrop of escalating geopolitical tensions in Iran. Many investors are reassessing their reliance on gold and mining stocks like Newmont, which are now showing poor performance despite the turmoil. This shift in sentiment indicates a growing reluctance to view the gold complex as a reliable hedge, suggesting further rotation away from these assets as demand weakens.