Gold prices rose on Wednesday, backed by a weaker dollar, as investors awaited signs of progress in peace negotiations between the US and Iran while assessing the outlook for Federal Reserve monetary policy.
Spot gold rose 0.2% to $4,516.76 an ounce by 00:51 GMT.
US gold futures for June delivery gained 0.3% to $4,516.30.
The dollar weakened, making the US currency-denominated precious metal less expensive for holders of other currencies.
Iran said on Tuesday that the US had violated the ceasefire by striking targets near the Strait of Hormuz, a development that could complicate efforts to end the war.
Meanwhile, US Secretary of State Marco Rubio said negotiations on an agreement to halt the conflict could take “a few days,” after both sides had previously signaled progress toward a memorandum of understanding aimed at ending hostilities and restoring navigation through the Strait of Hormuz.
Markets are awaiting remarks from Federal Reserve policymakers, including Vice Chair Philip Jefferson and Governor Lisa Cook, for clues on how inflation may shape the future policy stance.
Investors are also looking ahead to US April personal consumption expenditures data due on Thursday for further signals on the path of US monetary policy.
Among other precious metals, spot silver rose 0.6% to $77.40 an ounce, platinum was steady at $1,957.75, while palladium gained 0.9% to $1,391.68.
Gold prices rose on Wednesday, backed by a weaker dollar, as investors awaited signs of progress in peace negotiations between the US and Iran while assessing the outlook for Federal Reserve monetary policy.
Spot gold rose 0.2% to $4,516.76 an ounce by 00:51 GMT.
US gold futures for June delivery gained 0.3% to $4,516.30.
The dollar weakened, making the US currency-denominated precious metal less expensive for holders of other currencies.
Iran said on Tuesday that the US had violated the ceasefire by striking targets near the Strait of Hormuz, a development that could complicate efforts to end the war.
Meanwhile, US Secretary of State Marco Rubio said negotiations on an agreement to halt the conflict could take “a few days,” after both sides had previously signaled progress toward a memorandum of understanding aimed at ending hostilities and restoring navigation through the Strait of Hormuz.
Markets are awaiting remarks from Federal Reserve policymakers, including Vice Chair Philip Jefferson and Governor Lisa Cook, for clues on how inflation may shape the future policy stance.
Investors are also looking ahead to US April personal consumption expenditures data due on Thursday for further signals on the path of US monetary policy.
Among other precious metals, spot silver rose 0.6% to $77.40 an ounce, platinum was steady at $1,957.75, while palladium gained 0.9% to $1,391.68.
