Ammon News - Gold prices were largely steady on Thursday ‌as investors remained cautious about the fragile U.S.-Iran ceasefire, with a key U.S. inflation report due later in the day also in focus for interest rate clues.

Spot gold inched 0.1% higher to $4,721.51 ​per ounce, as of 0523 GMT. U.S. gold futures for June delivery ​fell 0.7% to $4,744.90.
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"It doesn't seem like gold is looking to do ⁠much at this moment. I think there's still a lot of speculation on ​what's going to happen after the ceasefire," said GoldSilver Central Managing Director Brian ​Lan.

Lan said he expected gold to consolidate between $4,607 and $4,860 in the near term.

On Wednesday, Israel pounded Lebanon with its heaviest strikes yet, killing hundreds of people and drawing a threat of retaliation from ​Iran.

Oil prices rose on Thursday on concerns that supply from the key Middle ​East producing region may not fully resume amid doubts that the two-week ceasefire will hold.

Spot gold ‌has declined ⁠more than 10% since the war began on February 28, as higher energy prices fuelled inflation concerns and prompted markets to reassess interest rate expectations, reducing non-yielding bullion's appeal.

Among other metals, spot silver fell ​0.1% to $74.07 per ounce, platinum lost 0.4% to $2,020.60 and palladium edged up 0.3% to $1,559.

Reuters