Gold prices have seen a notable increase, rising for the fourth consecutive session, with a peak of 2.7% on Wednesday, approaching $4,800 per ounce before settling at $4,758.57. This uptick is largely attributed to traders anticipating that the Federal Reserve may need to cut interest rates to combat a potential economic downturn, especially in light of the ongoing conflict in the Middle East. Fed Chair Jerome Powell indicated that longer-term inflation expectations remain stable, leading to reduced bets on rate hikes. Analysts, including Yuxuan Tang from JPMorgan Private Bank, suggest that the Federal Reserve has limited capacity to raise rates in the current cycle, favoring a focus on the labor market instead. Additionally, the conflict has raised inflation concerns that overshadow gold's traditional safe-haven appeal. Despite a nearly 12% decline in March, the recent rebound has reignited retail interest in gold, with Goldman Sachs projecting a year-end price of $5,400 per ounce, citing central bank purchases and expected rate cuts as key factors.