Gold steady as markets await Powell’s comments on Iran war impact

[BENGALURU] Gold was largely steady on Wednesday (Apr 29) as investors awaited US Federal Reserve chair Jerome Powell’s comments to assess the Iran war’s impact on the economy amid stalled peace talks.

Spot gold was up 0.1 per cent at US$4,598.45 per ounce, as at 8.55 am Singapore time, after falling to its lowest level since Apr 2 in the previous session.

US gold futures for June delivery rose 0.1 per cent to US$4,612.10.

Efforts to end the Iran conflict were at an impasse with US President Donald Trump unhappy with the latest proposal from Teheran, which he said had informed the US it was in a “state of collapse” and figuring out its leadership situation.

Investors expect the Fed to hold interest rates steady at the end of its two-day meeting, ending later in the day.

Investors will also be focusing on other central bank decisions this week, including those from the European Central Bank, the Bank of England and the Bank of Canada.

China, the world’s top gold consumer, net imported 47.866 tonnes in March from Hong Kong, up from 46.249 tons in February, Hong Kong Census and Statistics Department data showed on Tuesday.

Energy prices are expected to surge by 24 per cent in 2026 to their highest since Russia’s full-scale invasion of Ukraine four years ago, if the most acute disruptions caused by the war in the Middle East end in May, the World Bank said on Tuesday.

Oil prices closed up nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz outweighed concerns about the United Arab Emirates’ decision to leave Opec and the wider Opec+ group.

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Gold steadies as traders weigh diplomatic push to end Iran War

Spot silver rose 0.1 per cent to US$73.12 per ounce, platinum gained 0.1 per cent to US$1,942.60, while palladium was down 0.1 per cent at US$1,459.14. REUTERS