Spot gold printed a fresh all-time high near $4,353 on June 16, eased to ~$4,330 June 17, and recovered above $4,300 on June 18 after the interim Iran deal. Gold rose ~6% on the week even as the war turned toward peace AND the Fed turned hawkish (a real-rate headwind) - the move is the structural debasement/inflation bid, not a war hedge.