Ammon News - Gold was largely steady on Wednesday, as investors awaited U.S. Federal ‌Reserve Chair Jerome Powell's comments to gauge the impact of the Iran war on the economy as peace talks stall.

Spot gold was up 0.2% at $4,602.82 per ounce, as of 0439 GMT, after falling to ​its lowest level since April 2 in the previous session.

U.S. gold futures for ​June delivery rose 0.2% to $4,616.40.

Investors expect the Fed to hold interest rates steady ⁠at the end of its two-day meeting later in the day.

Efforts to end the Iran ​conflict were at an impasse with U.S. President Donald Trump unhappy with the latest proposal ​from Tehran, which he said had informed the U.S. it was in a "state of collapse" and was ‌figuring ⁠out its leadership situation.

Meanwhile, Brent crude oil remained above $110 a barrel on reports that the U.S. will extend its blockade of Iranian ports.

Higher crude prices add to inflationary pressures, increasing the likelihood of higher interest rates. While gold is traditionally seen as a hedge ​against inflation, high interest ​rates weigh on ⁠its appeal as a non-yielding asset.

Investors will also be focusing on other central bank decisions this week, including those from the European ​Central Bank, the Bank of England, and the Bank of Canada.

Spot silver rose 1% to $73.82 per ounce, platinum fell 0.3% to $1,933.75, and palladium was down 0.2% ​at $1,457.39.

Reuters