Analyst: Gold prices dragged down by geopolitical risks and expectations of stronger inflation.

Analyst Phillip Nova stated in a report that gold prices are still under pressure due to the impact of geopolitical risks and expectations of strong US inflation. The analyst said that despite escalating geopolitical tensions, the precious metal has failed to attract sustained safe-haven demand as rising oil prices, a stronger US dollar, and serious inflation concerns weigh heavily on market sentiment. She noted that ahead of today's release of US CPI data, gold investors seem to be cautiously positioning themselves. She added that from a technical perspective, the recent drop in gold below the 200-day moving average indicates bearish momentum. Spot gold fell 1.3% to $4,205.49 per ounce.