The Strait of Hormuz is partially blocked, and ceasefire talks have stalled. Normally, that kind of backdrop sends gold flying. Instead, it dropped nearly 3% on Tuesday even as tensions ramped up. Looks like the old playbook of buying gold when conflict heats up is not holding up this time. The market is paying more attention to a stronger dollar and rising yields, and those seem to be doing more to move gold than any war headline.