Long-Trusted Haven Trades Are Failing as Gold, Treasuries Fall

Traditional safe havens — Treasuries, the yen, the Swiss franc, and gold — have offered investors no refuge as the Middle East conflict roiled markets this week.

The dollar, whose haven status has been increasingly called into question, is among the few major assets to have rallied. The moves show how quickly market dynamics can turn upside down, with assets once viewed as dependable shelters suddenly losing their appeal given changing expectations around central bank policy and economic growth, plus the whims of traders.