Since the beginning of the US-Iran war on February 28, 2023, gold prices have experienced a significant decline of over 9%. The recent failure of ceasefire negotiations, which took place in Islamabad, has heightened concerns among market analysts regarding further price drops. Spot gold is currently priced at $4,761.79 per ounce, while U.S. gold futures closed at $4,787.40, reflecting a 0.6% decrease. Analysts like Anuj Gupta predict a flat to gap-down opening for gold if geopolitical tensions escalate, while Ponmudi R, CEO of Enrich Money, suggests that gold may stabilize between $4,650 and $4,800. The ongoing uncertainty in the global market and the potential for tighter monetary policies due to inflation are likely to influence gold prices further. Despite the recent decline, there is cautious optimism among investors, with a selective buy-on-dips approach being favored as key support levels are tested.