Gold was largely steady on Wednesday as investors awaited U.S. Federal Reserve Chair Jerome Powell’s comments to assess the Iran war’s impact on the economy amid stalled peace talks.
Spot gold was up 0.1% at $4,598.45 per ounce, as of 0055 GMT, after falling to its lowest level since April 2 in the previous session.
U.S. gold futures for June delivery rose 0.1% to $4,612.10.
Efforts to end the Iran conflict were at an impasse with U.S. President Donald Trump unhappy with the latest proposal from Tehran, which he said had informed the U.S. it was in a “state of collapse” and figuring out its leadership situation.
Investors expect the Fed to hold interest rates steady at the end of its two-day meeting ending later in the day.
Investors will also be focusing on other central bank decisions this week, including those from the European Central Bank, the Bank of England and the Bank of Canada.
China, the world’s top gold consumer, net imported 47.866 metric tons in March from Hong Kong, up from 46.249 tons in February, Hong Kong Census and Statistics Department data showed on Tuesday.
Energy prices are expected to surge by 24% in 2026 to their highest since Russia’s full-scale invasion of Ukraine four years ago, if the most acute disruptions caused by the war in the Middle East end in May, the World Bank said on Tuesday.
Oil prices closed up nearly 3% on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz outweighed concerns about the United Arab Emirates’ decision to leave OPEC and the wider OPEC+ group. [O/R]
Spot silver rose 0.1% to $73.12 per ounce, platinum gained 0.1% to $1,942.60, while palladium was down 0.1% at $1,459.14.
