Analysts, including those from Commerzbank, suggest that a significant move in gold prices might only manifest when the U.S. central bank commits to reducing interest rates substantially, aligning with the goal of reaching the 2% inflation target. The decisions of the Federal Reserve, fluctuations in the U.S. dollar, and Treasury yield dynamics are expected to play pivotal roles in influencing the trajectory of gold prices. While the possibility of medium-term rate reductions offers a potentially bullish environment for gold, immediate price trends may be more restrained due to active economic analysis.