Gold
Why gold is considered a safe-haven asset and what its price depends on.
Gold has historically kept its demand in times of uncertainty, which is why it is called a safe-haven asset. This is not a guarantee that it rises in every crisis.
Gold pays neither a coupon nor dividends. When real rates rise, holding it becomes relatively more costly.
The price of gold is usually quoted in US dollars per troy ounce (≈ 31.1 g), so a strong dollar often weighs on the price.