New Delhi, May 26 -- Gold prices are likely to consolidate in the near term as the West Asia conflict and a stronger US dollar cap upside, but ICICI Bank Global Markets expects the yellow metal to resume gains by late 2026 once geopolitical tensions ease and central banks face less pressure to hike rates.

According to ICICI Bank Global Markets' research report, gold is expected to trade in the USD 4,400/oz to USD 4,600/oz range in the near term, with downside risk to USD 4,200/oz if the West Asia conflict re-escalates.

"Once the conflict abates, gold prices can potentially go up as lower oil prices ensure need for fewer rate hikes by central banks along with demand for physical asset sustaining," the report said. It added that if the Fe...