Gold prices are currently under pressure, trading at $4,728, reflecting a 0.25% decline as oil prices rise due to ongoing geopolitical issues in the Strait of Hormuz. The yellow metal has posted a weekly gain of 1.67%, marking its fourth consecutive weekly increase, but remains sensitive to fluctuations in oil prices, the US dollar, and bond yields. Support for gold is established at $4,668, while the next resistance level is at $4,850. Recent US economic data, including jobless claims and manufacturing indices, indicate a mixed outlook, with inflation expected to rise significantly due to increased oil prices. The upcoming Federal Reserve meeting on April 29 is anticipated to maintain current interest rates but may provide insights into future monetary policy amid rising inflation concerns. The geopolitical landscape, particularly the US-Iran conflict, continues to weigh heavily on market sentiment, with analysts warning of a prolonged energy crisis if tensions do not ease.