🔥Organization: The resilience of the global economy to oil shocks has increased, and gold's safe-haven attributes have not been evident

A research report from Bank of America on April 10 pointed out that since the 1970s, the global economy's dependence on oil has decreased, and the amount of oil needed to produce the same GDP has only been one-third of that in the 1970s.
The OPEC crisis and oil shocks were once seen as severe stagflation shocks, but now the economy is more resilient to similar energy shocks.
A research report from Huatai Securities noted that since March, geopolitical tensions have impacted global risk appetite, and gold has not shown safe-haven properties, moving in tandem with risk assets.
Since the outbreak of the US-Israel-Iran conflict in March, gold's maximum drawdown has exceeded 17% at one point, but it rebounded due to easing tensions.
The institution believes that the current adjustment in gold prices is due to factors including crowded positions in previous periods, liquidity shocks, some central banks selling gold, and capital flow diversion from energy commodities.