Key Facts

Gold eased about 1.7% to roughly 4,120 on June 22 — a rates-driven slide, not a fear-driven one.

Silver fell more than twice as hard, down about 3.7% to 62.61 — the session’s sharpest move and its clearest tell.

The dollar and rate-hike bets were the driver — firmer US rate expectations outweighed an easing Iran story.

The war premium drained out — a fresh license for Iran to sell oil eased supply fears, removing a prop under the metals.