Gold showed a steady performance on Wednesday as market players awaited comments from U.S. Federal Reserve Chair Jerome Powell, aiming to assess the economic effects of the continuing conflict in Iran amid stalled peace talks. Spot gold saw a slight rise of 0.1%, hitting $4,598.45 per ounce as of 0055, after dropping to its lowest point since April 2 in the previous session. U.S. gold futures for June delivery rose by 0.1%, hitting a price of $4,612.10.

Efforts to resolve the Iran conflict have hit a deadlock, as U.S. President Donald Trump voiced his discontent with the latest proposal from Tehran, which he suggested had conveyed to the U.S. its “state of collapse” and was evaluating its leadership situation. Investors expect that the Fed will keep interest rates steady after the end of its two-day meeting later today. Investors will be paying close attention to upcoming central bank decisions this week, especially from the European Central Bank, the Bank of England, and the Bank of Canada.

China, the top gold consumer worldwide, net imported 47.866 metric tons in March from Hong Kong, up from 46.249 tons in February, as reported by the Hong Kong Census and Statistics Department on Tuesday. Energy prices are expected to rise by 24% in 2026, hitting their peak since the beginning of Russia’s full-scale invasion of Ukraine four years ago, depending on the resolution of the significant disruptions caused by the conflict in the Middle East by May, as stated in the World Bank’s report on Tuesday.

Oil prices saw a rise of nearly 3% on Tuesday, influenced by persistent worries about supply limitations due to the closed Strait of Hormuz, which eclipsed concerns about the United Arab Emirates’ choice to leave OPEC and the wider OPEC+ coalition. Spot silver rose by 0.1% to $73.12 per ounce, platinum also increased by 0.1% to $1,942.60, while palladium saw a minor decrease of 0.1% to $1,459.14.