Gold prices held steady Wednesday following Tuesday’s decline, which came after improved market sentiment from the Israel-Iran ceasefire agreement.
Spot gold traded unchanged at $3,325.56 per ounce, while U.S. gold futures rose 0.2% to $3,339.30. The de-escalation in Middle East tensions reduced immediate safe-haven demand, though lingering concerns about Iran’s nuclear program maintain some support for gold holdings.
Additionally, global central banks are reportedly shifting reserves away from the U.S. dollar toward gold, euros, and Chinese yuan amid geopolitical uncertainties. Markets are now awaiting key U.S. economic data: Thursday’s Q1 GDP report and Friday’s Personal Consumption Expenditures inflation data, which could influence Federal Reserve policy decisions.