Macro-Geopolitical Pivot

The transition from active conflict to a diplomatic standoff has reduced the 'panic premium.' However, the $4,600 level is being defended by central banks who view the current energy-driven cost push as a persistent threat to currency stability.

Bond Yield Pressure

Rising real yields in the US remain a headwind. As markets price in potential rate hikes to combat high fuel costs, the non-yielding metal faces competition from traditional fixed-income assets, capping the immediate upside.