I think gold is more likely to consolidate first under rate pressure, especially if yields stay elevated. But if inflation stays sticky because of high oil, the market will eventually have to reprice that, and gold should move higher again. So to me, this feels like a pause in an uptrend, not a reversal.
1. The recent pullback in gold is mainly driven by rising rate expectations and a stronger USD, which is putting pressure on the metal short term. 2. However, the longer-term thesis remains intact — central bank demand, geopolitical risks, and structural inflation still support higher gold prices over time. 3. So rather than chasing or waiting for the perfect bottom, I think it makes sense to start scaling in here, adding selectively on dips.