Gold prices slipped in early trading Monday, with spot bullion falling 0.1% to $4,478.72 an ounce. Market analyst Fawad Razaqzada at FOREX.com sees the metal caught between competing forces that have kept it range-bound in recent weeks.

On one side, geopolitical uncertainty continues driving demand for safe-haven assets like gold. On the other, persistent inflation and elevated interest-rate expectations cap potential gains. This tug-of-war reflects broader market uncertainty about whether recession fears or inflation concerns will dominate investor sentiment.

The analyst expects sharp volatility and rangebound trading to persist until one narrative gains clearer traction. Gold's slight downward bias suggests bears hold a modest edge amid competing macroeconomic themes.

With central banks maintaining restrictive policies while global tensions simmer, gold faces a challenging path forward. Traders should prepare for continued choppy price action rather than a decisive breakout.