Analysis: Gold Caught in Tug-of-War Between Resilient Dollar and Sovereign Buying

International gold prices are struggling to find a clear trajectory, caught between shifting U.S. interest rate expectations, a strong dollar, and underlying central bank demand.

Spot gold retreated to $4,137 an ounce Tuesday, snapping a brief early-month rally. That temporary surge was sparked by unexpectedly weak U.S. payroll data, which pushed market expectations for a Federal Reserve rate hike from September to October.