Gold prices slightly fell, seemingly caught between two strong narratives.

In early trading, the price of gold slightly declined. Spot gold fell by 0.1% to $4,478.72 per ounce. FOREX.com market analyst Fawad Razaqzada commented that this precious metal seems to be caught between two powerful narratives. The analyst stated, on one hand, "geopolitical uncertainties continue to support demand for safe-haven assets." Razaqzada said, on the other hand, "persistent inflation and high interest rate expectations limit the upside potential for continued rebound." The analyst added, "Until one of the themes establishes a clearer advantage, violent fluctuations and range trading may still be the main features of the market, with a tendency to slightly trend lower."