Spot prices for both gold and silver have turned positive during the trading session.

Despite the oil market's remarkable resilience throughout the ongoing conflict and elevated global inflation prompting potential interest rate hikes, which in turn encourages investors to shift funds into yield-bearing assets, gold is expected to remain under pressure.

On June 26th, spot gold reversed its earlier decline to trade in positive territory, currently quoted at $4,030.56 per ounce, after having fallen more than 1% earlier in the day. Spot silver erased an intraday loss exceeding 3% and is now up 0.75%, trading at $58.27 per ounce.

Some analysts believe the current market expectations for interest rate hikes are somewhat overdone, which could become a key driver for a price rebound. Goldman Sachs has issued a call for gold to rally to $4,900 by the end of the year. Regardless, the volatility that short-term traders have been enjoying appears likely to persist as markets move into the third quarter. The pressure on gold is anticipated to continue, given the oil market's sustained strength amid geopolitical tensions and the prospect of higher interest rates globally drawing investment away from non-yielding assets.