Gold prices saw little change during volatile trading on Wednesday, as investors await statements from U.S. Federal Reserve Chair Jerome Powell to assess the impact of the war with Iran on the economy amid stalled peace talks.
اضافة اعلان
Spot gold edged up 0.1% to $4,597.07 per ounce by 02:43 GMT, after falling in the previous session to its lowest level since April 2. Meanwhile, U.S. gold futures for June delivery remained steady at $4,610.20.
Federal Reserve and Geopolitical Deadlock
Investors expect the U.S. central bank to keep interest rates unchanged at the conclusion of its two-day meeting later on Wednesday.
Efforts to end the conflict with Iran have reached a stalemate. U.S. President Donald Trump expressed dissatisfaction with Tehran's latest proposals, stating that Iran had informed the U.S. it was in a "state of collapse" and was in the process of reorganizing its leadership.
Meanwhile, Brent crude remains above $110 per barrel amid reports that the United States intends to extend its blockade of Iranian ports. Investors are also closely monitoring decisions from other major central banks this week, including the European Central Bank, the Bank of England, and the Bank of Canada.
Market Outlook and Other Precious Metals
Standard Chartered noted in a memo: "We expect gold price movements to be fragile in the near term, but we still anticipate that prices will gain momentum in the coming months to revisit unprecedented levels, as the fundamental factors supporting the rally (geopolitical tension, tariffs, and trade uncertainty) remain in place."
Other Metals:
Spot Silver: Rose 0.8% to $73.64 per ounce.
Platinum: Fell 0.4% to $1,930.
Palladium: Dropped 0.4% to $1,453.91.
(Source: Reuters)
