Stocks and gold both fall, shattering safe-haven rules. Where is the money going? - 머니투데이

AI desk brief

Spot gold slipped to $3,975.23/oz intraday on Oct. 23, briefly breaking below $4,000 for the first time since July, after falling more than 28% from an early-year peak of $5,586/oz. Korean onshore gold also weakened to just above 170,000 won/gram, down more than 7% from 183,480 won earlier this month, as investors shifted toward cash and other liquid assets amid stock-market volatility.

The article argues the move is driven less by a collapse in gold’s safe-haven role than by higher rates and inflation fears keeping real returns attractive in cash-like assets. That rotation is visible in ETF flows: KODEX Money Market Active drew 2.433 trillion won in net inflows over the past month, underscoring demand for parking products rather than risk assets or gold.