Gold has retreated from its recent two-week peak near $4,600 amid a firmer US dollar. This USD strength stems from renewed bets on a hawkish Federal Reserve, signaling potential interest rate hikes that typically pressure non-yielding assets like gold. Despite ongoing geopolitical tensions that usually support gold as a safe haven, the metal's appeal has diminished in the face of tightening monetary policy expectations. Traders should monitor Fed communications closely, as any shift in policy tone could quickly reverse gold’s trajectory, while geopolitical developments remain a secondary influence in the near term.