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Gold prices moved slightly higher during early Asian trading on Wednesday as investors closely watched ongoing peace negotiations between the United States and Iran. Despite recent geopolitical tensions, bullion continued to trade within a narrow range, reflecting cautious market sentiment and uncertainty over the broader economic outlook.
Spot gold increased 0.2% to $4,518.06 per ounce, while gold futures gained 0.3% to reach $4,550.32 per ounce. Over the past 10 days, gold prices have fluctuated between $4,400 and $4,600 an ounce as traders assessed conflicting developments surrounding the Iran conflict and its impact on global markets.
On Tuesday, gold prices briefly weakened after the U.S. military launched strikes on targets in southern Iran. However, investors remain focused on the possibility of further instability in the Middle East, which traditionally supports safe-haven assets such as gold.
At the same time, inflation concerns linked to rising energy costs have limited stronger gains in precious metals. Recent inflation data from March and April pointed to a surge in energy-driven price pressures, increasing expectations that major central banks could raise interest rates in the coming months.
Higher interest rates generally reduce the appeal of non-yielding assets like gold. According to CME FedWatch data, markets are currently pricing in nearly a 40% chance that the U.S. Federal Reserve will implement another interest rate hike before the end of the year.
Other precious metals showed mixed performance during Wednesday’s session. Spot silver rose 0.2% to $77.1055 per ounce, while spot platinum declined 0.7% to $1,953.19 per ounce.
Investors are expected to continue monitoring developments in the Iran situation, inflation trends, and Federal Reserve policy signals for further direction in gold and broader commodity markets.
