Phillip Nova analyst Priyanka Sachdeva said structural drivers for gold remain
despite a recent pullback; spot gold has retraced to about $4,100–4,200/oz and
$4,000/oz remains a key level. Fragile Middle East oil-supply flows and ongoing
geopolitical uncertainty are sustaining investor interest; if the long-term
structural case holds, a move toward $4,000 could attract conviction buyers to
scale in. She said the next leg for gold will depend on how geopolitical risk
transmits to oil prices, inflation expectations and US Treasury yields.
