Gold Holds Steady Above $4600 Amid Geopolitical Tensions

Gold prices have remained above $4,600 as a result of a mix of factors including persistent inflation concerns, a weaker US dollar, and strong demand from central banks. The precious metal's safe-haven appeal remains intact amid ongoing geopolitical tensions and economic uncertainty.

The technical outlook for gold is bullish, with higher highs and higher lows on the daily chart reinforcing this sentiment. Immediate resistance is seen near $4,650, followed by the psychological $4,700 level. On the downside, support is established at $4,550, which could signal a short-term correction if broken.

Central banks' shift toward more accommodative policies has reduced the opportunity cost of holding non-yielding assets like gold, potentially providing additional upside momentum in the coming weeks. Investors should monitor upcoming economic data and central bank communications for further direction.