Gold prices remained stable in early Asian trading on Wednesday, as investors adopted a cautious stance ahead of a significant U.S.-China summit in Beijing, while also monitoring the evolving situation regarding the Middle East conflict. Spot gold remained stable at $4,713.39 per ounce, as of 0100. Gold futures in the U.S. for June delivery increased by 0.7%, reaching a price of $4,721.80.

On Tuesday, U.S. President Donald Trump stated that he does not anticipate seeking assistance from China regarding the conflict with Iran, despite the diminishing prospects for a lasting peace agreement and Tehran’s increasing influence over the Strait of Hormuz. U.S. Treasury Secretary Scott Bessent has indicated that President Trump and Chinese President Xi Jinping will address the Iran conflict, urging China to “join us in this international operation” aimed at securing safe international shipping through the Strait of Hormuz.

Oil prices declined on Wednesday following three consecutive days of increases, as investors monitored the situation surrounding the delicate ceasefire in the Iran conflict. Data showed that U.S. consumer inflation increased in April, marking the largest annual rise in three years, which strengthens the belief that the Federal Reserve will maintain steady interest rates in the near term.

On Tuesday, the U.S. Senate confirmed Kevin Warsh for a 14-year term as a Federal Reserve governor, highlighting a significant move in his possible succession of Jerome Powell as the next head of the U.S. central bank. India has increased import tariffs on gold and silver to 15% from 6%, aiming to reduce foreign purchases of these metals and alleviate the strain on the country’s foreign exchange reserves. Spot silver increased by 1% to $87.40 per ounce, while platinum experienced a slight dip of 0.1% to $2,124.70, and palladium went up by 0.4% to $1,497.