Spot gold prices have nearly erased all gains for the year, reaching $4,320.30 per ounce on Monday, just slightly above last year's closing price. The ongoing conflict in the Middle East, now in its fourth week, has heightened inflation risks due to rising oil prices, diminishing the likelihood of interest rate cuts by the Federal Reserve and other central banks. This has negatively impacted gold, which has declined for eight consecutive trading days, marking its largest weekly drop since 1983. Analyst Kyle Rhoda suggests a potential short-term rebound for gold, contingent on geopolitical developments involving the US and Iran.