•Gold prices initially surged to $5,423 after the US/Israel attack on Iran on February 28, but quickly fell over 6% to $5,085 by March 3.
•Despite escalating global tensions, gold has remained stuck in a limited range, currently trading around $5,175 per troy ounce.
•Key reasons for the stalled momentum include a strong US dollar and rising US Treasury bond yields, making interest-bearing assets more attractive.
•Other factors cited are rising oil prices potentially leading to sustained high interest rates, market 'fatigue' after recent movements, and initial panic selling for liquidity.
•Major banks remain optimistic long-term: JP Morgan projects $6,300 by 2026, and Deutsche Bank targets $6,000 by year-end.
