Eco
Gold rose on Wednesday, supported by a decline in the dollar, as investors awaited any signs of progress in peace negotiations between the United States and Iran and assessed the outlook for monetary policy at the Federal Reserve.
Spot gold climbed 0.2% to $4,516.76 per ounce by 00:51 GMT, while US gold futures for June delivery rose 0.3% to $4,516.30, as the dollar weakened making the precious metal priced in the US currency less costly for holders of other currencies.
Iran said on Tuesday that the United States violated the ceasefire by striking targets near the Strait of Hormuz, which could complicate efforts to end the conflict. Meanwhile, US Secretary of State Marco Rubio said negotiating a deal to halt the conflict could take a few days, after both sides had previously indicated progress on a memorandum of understanding that would halt hostilities and resume navigation through the Strait of Hormuz.
Markets are awaiting statements from Federal Reserve policymakers, including Vice Chair Philip Jefferson and board member Lisa Cook, to assess the impact of inflation on the future monetary policy stance, while investors also await US Personal Consumption Expenditures index data for April due Thursday.
As for other precious metals, spot silver rose 0.6% to $77.40 per ounce, platinum held steady at $1,957.75, while palladium gained 0.9% to $1,391.68.
