Headline (Sept 1): spot gold fell 1.68% to ~$4,418 even as the U.S.-Iran conflict escalated — a striking non-response that shows rising real yields, not safe-haven demand, are driving the tape. With near-term forecasts calling for continued decline toward $4,370 support and GLD already down sharply from ~$428 (Aug 25) to $408, momentum stays lower into Friday's payrolls. Expecting another down day.