Gold prices are navigating a period of high volatility as the market balances aggressive technical rallies against a strengthening U.S. dollar. Bullion recently crossed the psychological threshold of **$5,000** per ounce, reaching intra-day highs near **$5,020**. Despite this upward momentum, the metal faces immediate pressure from a recovering dollar index, which climbed toward a four-week high near **98.00**. Investor focus is fixed on upcoming U.S. economic indicators, specifically the Personal Consumption Expenditures (PCE) price index. This data is critical for determining the Federal Reserve's next steps, as recent FOMC minutes revealed a significant divide among policymakers. While some officials advocate for rate cuts if disinflation continues, others have hinted at maintaining restrictive levels or even implementing further hikes if inflation remains sticky above the **2%** target. Geopolitical instability remains a primary driver for safe-haven demand. Tensions between the United States and Iran have resurfaced, fueling concerns over regional security and potential disruptions to global energy flows. These risks, combined with ongoing friction in Eastern Europe, have reinforced gold’s appeal as a primary hedge against global uncertainty, even as the dollar gains strength from resilient U.S. labor data. In physical markets, demand has seen a temporary dip in Asia due to the Lunar New Year period, leading to thinner trading volumes. However, domestic prices in major hubs like India have touched lifetime records, with 24-carat gold reaching approximately **₹87,810** per 10 grams in Delhi. Analysts maintain a bullish long-term outlook, with some institutional forecasts projecting an climb toward **$5,400** by the end of 2026. Current market sentiment suggests that while the hawkish Federal Reserve stance creates short-term headwinds, the combination of persistent inflation risks and geopolitical triggers continues to support a structural uptrend. Traders are currently pricing in at least two 25-basis-point rate cuts before the end of the year, though the timing remains highly data-dependent.