Gold, traditionally viewed as a safe-haven asset, has experienced a surprising downturn, falling over 10% despite rising geopolitical tensions related to the Iran conflict. Prices have remained trapped in a narrow range of $4,600 to $4,800 since mid-March, with April closing virtually flat at ₹1.51 lakh per kilogram. Analysts attribute this muted response to a tug-of-war between supportive geopolitical factors and headwinds from elevated bond yields and a strong U.S. dollar. The market is currently showing signs of a bearish trend, with technical indicators suggesting caution, as prices have declined for two consecutive months. Experts recommend a staggered investment approach, advocating for gradual allocation rather than aggressive buying, particularly in light of the uncertain macroeconomic environment. A decisive move in gold prices will likely hinge on the Federal Reserve's monetary policy, especially regarding potential rate cuts. Until then, investors are advised to maintain discipline and patience.