Gold and silver prices have unexpectedly declined amid the ongoing conflict in West Asia, despite their historical role as safe havens during global uncertainties. After a brief initial surge, gold prices have fallen over 16% to approximately USD 4,680 per ounce, while silver has dropped more than 35%, now trading at around USD 74 per ounce. Analysts attribute this decline to a strong US dollar, rising bond yields, and reduced industrial demand for silver, which is heavily influenced by economic activity. The conflict has raised oil prices and inflation risks, leading to a shift in investor sentiment away from precious metals. Historical patterns show that while gold and silver often rise at the onset of conflicts, their prices tend to stabilize or decline as situations prolong. Central bank activities, including significant gold sales by Russia and Turkey, have also contributed to the increased supply in the market, further pressuring prices. Until inflation expectations shift and monetary conditions ease, precious metals are unlikely to regain their previous momentum.