Headline (Trading Economics, Jul 27): "Gold rose to 4,090 USD/oz, up 0.95%" today, holding firm even as risk assets rallied. Rising inflation expectations and Fed-hike hedging into this week's decision are supporting bullion despite the Middle East de-escalation, so GLD (Friday close 371.90) likely follows spot higher. The safe-haven unwind from easing geopolitics is a real offset, so conviction is low.