Gold closed below $4,000 yesterday for the first time since November as
sustained selling in gold ETFs and investor reallocations outweighed ongoing
central bank buying. Market participants say the Iran conflict is a net headwind
for the metal. Several banks cut PTs but still see gold significantly higher by
year‑end; Goldman calls for a rebound to $4,900. Some analysts warn current
rate‑hike expectations may be overdone and could spark a recovery. Short‑term
volatility looks set to persist into Q3. With oil proving resilient amid the
conflict and global inflation rising — factors that could prompt further rate
hikes and shift funds into yield‑bearing assets — gold is likely to remain under
pressure.
