ANZ Research discusses Gold outlook.

"We expect gold’s price moves will hinge on developments in US-Iran negotiations in the short term. Constructive talks could stabilise energy prices and ease inflation worries. Conversely, renewed escalation would likely drive-up energy prices and inflation expectations. Persistent elevated energy prices will likely keep central banks cautious in easing monetary policy, which will support higher yield and a stronger USD. Such a backdrop would be negative for investment flows into gold," ANZ notes.

"We reiterate our view that gold will see further consolidation, with a negative bias in the short term as the market focuses on inflation and rates path. However, structural drivers are still supportive of further upside in the medium and long terms," ANZ adds.