Khaberni - Gold prices saw little change in volatile trading on Wednesday, as investors awaited statements from the chairman of the U.S. Federal Reserve, Jerome Powell, to assess the impact of the Iran war on the economy amid stalled peace talks.
The price of gold in spot transactions rose 0.1% to $4597.07 per ounce (ounce) by 02:43 GMT, after it had dropped in the previous session to its lowest level since April 2.
The U.S. futures contracts for gold delivery in June stabilized at $4610.20.
Investors expect the U.S. Federal Reserve to keep interest rates unchanged at the end of its two-day meeting, which ends later on Wednesday.
The efforts to end the conflict with Iran have reached a deadlock, with U.S. President Donald Trump expressing dissatisfaction with the latest Iranian proposals, stating that they have informed the United States that they are in a "state of collapse" and are about to sort out their leadership situations.
In the meantime, the price of Brent crude remains above $110 per barrel amid reports that the United States will extend its blockade on Iranian ports.
Investors will also focus on decisions by other central banks this week, including the European Central Bank, the Bank of England, and the Bank of Canada.
Standard Chartered noted in a memo, "We expect gold price movements to be fragile in the short term, but we still see prices gaining momentum in the coming months to touch again unprecedented levels, as the underlying factors (geopolitical tension, tariffs, and trade uncertainty) supporting the rise remain."
Silver rose in spot transactions 0.8% to $73.64 per ounce, while platinum fell 0.4% to $1930, and palladium decreased 0.4% to $1453.91.
