On April 15, gold prices continued their upward trend, driven primarily by a weaker U.S. dollar and lower-than-expected inflation data. Market expectations of easing tensions in the Middle East also provided support. According to analysis, gold's appeal is strengthening as macroeconomic uncertainties gradually diminish and liquidity expectations improve. Data showed spot gold rising approximately 0.7% to around $4,775, while gold futures increased about 0.6%, nearing $4,800.

From a macroeconomic perspective, the U.S. Producer Price Index for March rose less than anticipated year-over-year, indicating that inflationary pressures have not worsened further. Meanwhile, oil prices declined due to optimism over a potential ceasefire agreement, alleviating some imported inflation pressures. It was noted that cooling inflation combined with falling energy prices creates room for a more accommodative policy environment, forming a supportive foundation for gold prices.

The weakening U.S. dollar has been a key factor driving gold higher. As gold is priced in dollars, a depreciating dollar typically enhances its attractiveness to non-U.S. investors, boosting demand. Although gold is traditionally viewed as a safe-haven asset during geopolitical risks, some capital has recently flowed into dollar-denominated assets instead, influenced by energy export structures and economic resilience expectations.

As signs of easing tensions emerge, market preference for risk assets has improved, indirectly benefiting gold. On one hand, safe-haven demand has not entirely faded; on the other, receding inflation expectations have reduced upward pressure on interest rates, lowering the cost of holding gold and enhancing its allocation value.

Geopolitically, multiple parties are working toward a potential agreement. Relevant stakeholders have engaged in several rounds of discussions, aiming to establish longer-term ceasefire arrangements. Other regional countries are also participating in mediation efforts to advance dialogue. Although uncertainties remain, expectations of de-escalation are already influencing market pricing.

In energy markets, oil prices have retreated below $100 per barrel but remain significantly higher than pre-conflict levels. Earlier rapid increases in energy prices had raised global inflation concerns and dampened expectations for interest rate cuts; the current pullback helps alleviate that pressure. Gold typically faces headwinds in high-interest-rate environments, but as policy expectations adjust, this effect is diminishing.

From an inflation standpoint, the slower-than-expected rise in producer prices offers a positive signal, suggesting cost pressures have not fully passed through to downstream sectors. Analysts believe this will boost policymakers' confidence in controlling inflation, reducing the need for overly tight monetary measures.

Overall, gold is currently influenced by multiple factors, including dollar movements, inflation trends, and geopolitical developments. In an environment where inflationary pressures are easing and market expectations are improving, gold retains sound allocation value. If policy conditions become more accommodative while uncertainties persist, gold prices are expected to maintain relative strength amid fluctuations.