Traders kept bullion on a tight leash with spot prices holding below the $4,000 per-ounce watch level as the U.S. dollar hovered near three-month highs. Persistent ambiguity around the timing and extent of Federal Reserve easing maintained defensive positioning, while resilient U.S. macro kept longer-tenor yields sticky. Improving tone in several major currency crosses after signs of easing U.S.–China friction also restrained safe-haven bids. Positioning now tilts toward range-bound trade into labour data and Fedspeak, with ETF flows, futures positioning, and real yields likely to set the next directional impulse for precious metals.