Two soldiers guarding a shipment of gold are robbed and murdered, setting a hard-edged mood in a dusty town where suspicion hangs in the air like heat.
Into town rides Haven, Dick Powell, a military intelligence officer traveling incognito. At the front desk of the hotel, the on-site clerk sits with his guitar, and his song cuts through the evening air as a wary warning:
> a man can't grow old where there's women and gold.
A beautiful saloon singer, Jane Greer, catches Haven's eye, and soon he crosses paths with Mrs. Caslon, Agnes Moorehead, the hard-edged owner of the gold mine. Haven discovers that a figure named "Charlie" is the brains behind the operation, and Perry-like twists of loyalty begin to surface when he learns that Charlie herself is the brains behind the plot—and not just a pretty front.
Charlie's lawyer, Raymond Burr, Bristow, is deeply in her debt, hinting at shared interests that could tie Haven to the intrigue. Haven wastes no time proving his mettle by beating Charlie's saloon bouncer in a tense fight, and as a reward he is offered a job as transport chief for the gold. Meanwhile, Charlie's friend, Gordon Oliver as Prince, grows jealous of Haven's apparent closeness to Charlie, complicating the moral equations of trust and betrayal.
While transporting a shipment of gold, the man riding shotgun, Regis Toomey as Jim Goddard, is killed and Haven is knocked unconscious. When he comes to, Haven tracks down and kills the robber carrying the gold, shoving the dead horses aside and following them to a sawmill owned by Charlie. He then hides the gold and assumes a guise as an ignorant hand working for Charlie, tasked with delivering the stolen treasure back to town.
In a tense confrontation, Haven confronts Prince and Charlie with the hidden gold. An affidavit dictated to Bristow by Haven becomes a tool in the games of bluff and leverage, as Charlie pressures Bristow to face Haven. Bristow, overwhelmed by fear, tries to escape but is shot by Prince, leaving Haven to bear the consequences alone. The law seems to close in as Haven persuades the sheriff to arrest him, but he soon escapes, learning that Charlie’s men plan to disguise themselves as soldiers to plunder more of Mrs. Caslon's gold.
Returning to the heart of the town, Haven foils the plot and circles back to the saloon with the intention of bringing Charlie to justice—and perhaps, to reveal a far more personal motive: he is in love with her. Prince, ever prepared to strike, slips in to end Haven, but his bullet instead finds Charlie. Haven shoots Prince in retaliation, and as Charlie lies dying, she confesses her love for Haven, while Haven admits his love for her in return.
With the town’s dangers behind him for a moment, Haven rides away, leaving the crowd behind and the song to carry him onward. The final image lingers on the small-town silhouette as Burl Ives returns to the stage and sings the closing line that echoing through the night, a reminder of the lure—and peril—of gold, women, and loyalty.
