(Bloomberg) -- In times of trouble, gold has long been a popular haven for investors expecting that more volatility will increase the value of the commodity. But lately, it's taking more than threats of war or terrorist attacks to get much of a reaction from the bullion market.

Price swings for the precious metal narrowed last month to the smallest in more than a decade, even with rising tensions between the U.S. and North Korea, political discord in Europe, and trade disputes fueled by Donald Trump's America-first policies. That's a disappointment for investors who remember how gold tripled in value after the 2008 financial crisis or surged more than 50% in the months after the Iranian hostage crisis in 1979.

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