Gold futures experienced notable intraday volatility, opening lower and falling to a session low of 4,270 before mounting a reversal. Prices rallied back to close near unchanged around 4,328 to start the week. Geopolitical headline watching in the Middle East continues to drive market action. A mid-morning pullback in the U.S. Dollar index helped support the recovery in gold prices. From a broader perspective, gold remains in a 23% drawdown from its all-time high of 5,595 established in late January, currently holding near its year-to-date low closes. Meanwhile, the CVOL index indicates that market volatility remains elevated. Despite the recent price pressure, institutional positioning shows that speculators expanded their net long exposure last week, reaching their highest net long levels since February.