Gold's DeepSeek Slide: Liquidation, Not Refuge

Spot gold fell 1.2% to $4,066 per ounce on 24 June as Chinese AI firm DeepSeek's capabilities rattled assumptions about US tech dominance, triggering an equity selloff that forced broad position liquidation. The key tell: gold fell alongside stocks rather than catching the typical risk-off bid. Investors were closing longs to meet margin calls, not rotating into safe havens—a distinction that matters for what happens next.