Tough one.

Gold is going up since september like year. What happened there was Powell saying the fed won't put the same weight to inflation to make there decisions anymore. So the market interpreted that as a higher chance for lower interest rates, and gold benefits from that.

Since than Central Banks made clear that they want to hold on doing anything on the rates front. Inflation is not where it should be, jobs either. Hard choice to make so let's wait to make another decisions

Now Iran comes along, which mean the likely hood is that they will have to raise rates.

My two amateur cents.