Gold prices were largely steady on Thursday as investors remained cautious over the fragile U.S.–Iran ceasefire and awaited key U.S. inflation data for signals on the Federal Reserve’s interest rate outlook.
Spot gold rose 0.1% to $4,721.51 per ounce as of 0523 GMT, while U.S. gold futures for June delivery fell 0.7% to $4,744.90.
Market attention is focused on upcoming U.S. inflation indicators, including the Personal Consumption Expenditures (PCE) report due later in the day and consumer price data expected on Friday, which could shape expectations for future rate moves.
Minutes from the Federal Reserve’s March 17–18 meeting showed that several policymakers believed additional interest rate hikes may still be necessary to bring inflation back toward the 2% target.
GoldSilver Central Managing Director Brian Lan said gold is likely to trade within a range in the near term, citing uncertainty around geopolitical developments.
“It doesn’t seem like gold is looking to do much at this moment. I think there’s still a lot of speculation on what’s going to happen after the ceasefire,” he said.
Geopolitical tensions also remained in focus after reports of heavy Israeli strikes in Lebanon, which escalated regional uncertainty and raised concerns about potential disruptions in global energy supply.
Oil prices climbed on worries that a full resumption of supply from the Middle East may be delayed amid doubts over the durability of the ceasefire.
Gold has fallen more than 10% since the conflict began on February 28, as rising energy costs fuel inflation concerns and shift expectations around U.S. monetary policy, reducing demand for non-yielding assets.
Standard Chartered said in a note that while short-term liquidity pressures may weigh on prices, gold is expected to gradually recover amid persistent geopolitical risks.
In other metals, spot silver slipped 0.1% to $74.07 per ounce, platinum declined 0.4% to $2,020.60, while palladium edged up 0.3% to $1,559.
