Gold prices have dipped 0.7% to about $4,807 per ounce as concerns rise over geopolitical tensions and increasing crude oil prices, which are flirting with the $120 mark. Since the beginning of the US-Iran conflict, gold has corrected over 8%, while silver has plunged more than 16%. Analysts suggest that if crude oil remains elevated, gold could fall below $4,400 and silver under $67 due to rising inflation expectations and a stronger US dollar, which diminishes demand for non-yielding assets. The Federal Reserve's commitment to keeping interest rates high further complicates the outlook for gold and silver, as higher rates increase the opportunity cost of holding bullion. However, if crude oil prices fall below $90, the inflationary pressures may ease, allowing central banks to adopt a more accommodative stance, potentially reviving demand for gold as a safe-haven asset. Until then, volatility remains a key theme for investors in the bullion market.