Gold plummeted as much as 6% on Thursday, with the precious metal acting like anything but a safe-haven asset as the Middle East conflict escalates. Investors went risk-off as the prospects of higher inflation lowered the chances investors are placing on Fed rate cuts. Gold futures (GC=F) fell to around $4,600 per ounce, while the broader metals complex was also hammered, with silver (SI=F) and copper (HG=F) dropping 13% and 5%, respectively. Even "digital gold" was battered, with bitcoin (BTC-USD) dropping below $70,000..
