Analyst: Gold consolidates while awaiting direction, with oil prices as a key variable

1. Tim Waterer, Chief Market Analyst at KCM Trade, pointed out that after Thursday's surge, gold is currently in a consolidation phase. Due to ongoing uncertainties in US-Iran relations, traders remain cautious about continuing to chase the rally. 2. Waterer stated that as long as oil prices stay near current levels, gold may still attract dip buyers during pullbacks. However, if oil prices surge sharply, it could reignite market concerns about inflation and interest rate hikes, which would be unfavorable for gold performance.