Gold prices showed minimal change on Wednesday, after a drop of more than 1% in the previous session, as the dollar continued to hold its recent strength, making dollar-denominated metals more expensive for global buyers. Spot gold held steady at $5,146.18 per ounce by 0054, after reaching a level not observed in more than three weeks during the previous session. The metal saw a drop of more than 1% on Tuesday after hitting its highest point during the early hours of Asian trading.

U.S. gold futures for April delivery saw a decrease of 0.2%, closing at $5,165.10. The U.S. dollar index saw a slight rise of 0.02%, following a previous increase of 0.14% from the last session. The United States implemented a temporary 10% global import tariff on Tuesday; however, a White House official suggested that efforts were in progress to increase it to 15%. This situation has created ambiguity surrounding President Donald Trump’s tariff approaches in light of the Supreme Court ruling from last week.

Two U.S. Federal Reserve officials expressed no immediate intention to change the framework of central bank interest rate policy. Markets are expecting three reductions of 25 basis points in rates this year, according to CME’s FedWatch Tool. Global shares saw an increase after the announcement from San Francisco-based startup Anthropic, which launched 10 innovative applications for its AI plugins targeted at business customers. This development has sparked renewed hope about AI’s ability to boost profitability in different sectors, such as investment banking, human resources, and engineering.

In the realm of geopolitics, a third round of nuclear discussions between Iran and the United States is set for Thursday in Geneva, according to Oman’s Foreign Minister Badr Albusaidi. Spot silver decreased by 0.2% to $87.13 per ounce, after reaching a peak not observed in over two weeks on Monday. Spot platinum increased by 0.1% to $2,169.59 per ounce, while palladium rose by 0.2% to $1,772.45.