Same Fear, Different Fallout: Oil and Gold's Diverging Collapse

Same Fear, Different Fallout: Oil and Gold's Diverging Collapse By Michael Kern - Jul 01, 2026, 2:00 PM CDT Gold and oil both posted their worst quarterly declines in over a decade, but the two collapses are now being driven by different forces. Oil's slide is tied to the physical reopening of the Strait of Hormuz; gold's is tied to a hawkish pivot at the Federal Reserve under new Chair Kevin Warsh. Gold's 200-day moving average has crossed below its 50-day average, a "death cross" some traders see as confirming more downside ahead.