Gold prices may experience a period of consolidation before potentially reaching new highs, according to Rick de los Reyes, head of commodities at T. Rowe Price Group and a fund manager. According to Jin10, Reyes analyzed in an email that the recent surge in gold prices was characterized by a typical 'squeeze,' which pushed prices up in a short time frame. He noted that historically, a spike in actual volatility is often followed by a period of consolidation before the upward trend resumes. While any asset with overcrowded positions can pose risks, Reyes added that the underlying drivers supporting gold demand remain robust.