$4,589: Gold Prices Fall on Inflation and Geopolitical Easing

Gold prices continued their downward trend for a second consecutive session, falling to $4,589 as investors reacted to ongoing US inflationary pressures. This reduction in appeal of non-yielding assets such as Gold is a major factor in its decline.

The current geopolitical situation has also contributed to the weakness in Gold, with diplomatic progress in the Middle East easing perceived risks and reducing safe-haven demand.

Technical analysis suggests that Gold's price is likely to remain between $4,515 and $4,662 in the near term, with immediate resistance at $4,602. The Ichimoku Kijun line marks this level.