Gold is steady in early Asian trade, with spot gold flat at $4,133.08 an ounce. A modest dollar pullback has supported the metal, but the near‑term outlook remains bearish as elevated bond yields across major economies weigh on non‑interest‑yielding assets, says Tony Sage of Critical Metals.

Rising oil prices amid escalating tensions in the Middle East have stoked inflation concerns, reinforcing expectations for hawkish monetary policy. Gold prices are at risk ahead of the European Central Bank’s rate decision this week and the Federal Reserve, Bank of Japan and Bank of England meetings next week.

A higher interest‑rate environment generally drags down gold, which does not yield income. Market participants are watching for any surprise dovish shift that could lift prices, while further tightening may press them lower.

Traders remain cautious, awaiting policy signals from the major central banks that will shape the short‑term direction of the precious metal.