Gold has fallen nearly 20% from its January peak, entering a challenging phase influenced by various macroeconomic and geopolitical factors. A stronger U.S. dollar has made gold more expensive for non-dollar investors, while rising bond yields have shifted investor interest towards yield-bearing assets. Additionally, record ETF outflows, particularly $13 billion in March 2026, have added downward pressure on prices. The ongoing U.S.-Iran conflict has also contributed to rising energy prices, creating inflationary pressures that negatively impact gold's appeal as a non-yielding asset. Despite these challenges, experts from Tata Mutual Fund maintain that the long-term fundamentals for gold remain intact, driven by high global debt levels and persistent inflation risks. They suggest that investors adopt a cautious approach, focusing on accumulation during price dips rather than aggressive buying. Key resistance levels for gold are noted around $4800-4850 (approximately ₹154,000 - 155,000), with potential upward movement if these levels are sustained.