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

Gold was largely steady in choppy trade on Wednesday as investors awaited US Federal Reserve Chair Jerome Powell’s comments to gauge the impact of the Iran war on the economy amid stalled peace talks. Spot gold was up 0.1% at $4,597.07 per ounce, as of 0243 GMT, after falling to its lowest level since April 2 in the previous session. US gold futures for June delivery were steady at $4,610.20. Gold remained steady “as markets look ahead to the FOMC (Federal Open Market Committee) meeting… Much of the market’s resilience since last April’s tariff-driven panic has been built on the assumption that the Fed is ready to step in if conditions deteriorate. If it signals a high bar for such action, gold may extend lower,“ said Ilya Spivak, head of global macro at Tastylive.