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Gold prices edged higher in Asian trade on Wednesday, recovering slightly from the previous session’s sharp losses. A weaker U.S. dollar provided support, even as easing geopolitical tensions reduced demand for safe-haven assets.
Spot gold rose 0.2% to $3,329.93 an ounce, while August gold futures gained 0.3% to $3,344.70 as of 06:16 GMT. The precious metal had dropped over 1% on Tuesday following U.S. President Donald Trump’s announcement of a ceasefire between Israel and Iran.
Although the truce brought temporary relief to global markets, uncertainty lingers. Trump accused both nations of violating the agreement just hours after the initial announcement, fueling skepticism about its durability. Gold, often seen as a hedge against geopolitical instability, has struggled to maintain gains as the ceasefire holds for now.
Supporting bullion prices, the U.S. Dollar Index dipped 0.1%, nearing a one-week low. A weaker dollar typically boosts gold demand by making it more affordable for overseas buyers. Additionally, Federal Reserve Chair Jerome Powell told Congress that the central bank needs more time to assess the inflationary impact of rising tariffs, suggesting a cautious stance on future interest rate moves.
Other metals also saw modest gains. Silver futures rose 0.5% to $35.928 per ounce, while platinum held steady at $1,318.15. In base metals, copper was supported by the softer dollar, with London Metal Exchange futures up 0.5% at $9,723.35 a ton. U.S. copper futures remained flat at $4.9015 per pound.
