PRECIOUS METALS | Strong Dollar May Pressure Gold Prices Amid Middle East Tensions

Phillip Nova analyst Priyanka Sachdeva has indicated that the strengthening U.S. dollar could continue to exert pressure on gold prices. According to Odaily, despite the ongoing expansion of conflicts in the Middle East, the unexpected rise of the dollar might lead some investors to take profits from gold. As energy prices climb, inflation concerns are resurfacing, and expectations for fewer interest rate cuts by the Federal Reserve this year are growing. Sachdeva added that investors should consider the dollar's trajectory, the pace of gold purchases by central banks, and the potential escalation of the Iran conflict when allocating gold.