A Bank of America report highlights the global economy's increased resilience to oil shocks, noting that only one-third of the oil volume required in the 1970s is now needed to produce the same GDP level. This shift marks a significant departure from the severe stagflation events of the past, such as the OPEC crisis. Meanwhile, Huatai Securities reports that geopolitical tensions since March have affected global risk appetite, yet gold has not acted as a traditional safe haven. Instead, gold's price has moved with risk assets, experiencing a maximum drawdown of over 17% amid the U.S.-Israel-Iran conflict. The correction is attributed to factors like overcrowded positions, liquidity shocks, central bank gold sales, and capital shifts to energy commodities.