Gold price is squeezed between 50 and 200 DMA, but 2025 drivers will return stronger once Iran war recedes – Saxo Bank's Hansen

Gold prices declined in May, as the Iran conflict supported yields and the dollar while reducing expectations for rate cuts, but debt concerns, de-dollarization, sticky inflation and steady central bank demand remain key pillars of support for gold, the latter despite some temporary selling linked to energy-related pressures., according to Ole Hansen, head of commodity strategy at Saxo Bank.