Gold's Iran-war price decline shows the metal is doing one of its most important jobs

FADEL SENNA / AFP via Getty Images

• Gold is considered a safe haven from global conflict, but the metal has struggled during the Iran war.
• Prices are below pre-war levels, but the metal is doing its job in another key way.
• Gold's use as way to keep US dollars flowing has helped countries reliant on energy revenues.

Gold is often thought of as the preeminent safe haven, but it's price action during the Iran war challenges that notion. Yet, its struggling...