Ammon News - Gold prices extended losses on Wednesday as uncertainty in the Middle ‌East and stronger-than-expected U.S. inflation data dimmed hopes for Federal Reserve rate cuts, with focus also on the Trump-Xi summit this week.

Spot gold fell 0.3% to $4,702.09 per ounce, as of 0423 GMT, retreating further ​from a three-week high in the last session. U.S. gold futures for June ​delivery gained 0.5% to $4,710.70.

Trump said on Tuesday he does not think he will need China's help to end the war with Iran, even ​as hopes for a lasting peace deal dwindled and Tehran tightened its ​grip over ⁠the Strait of Hormuz.

Meanwhile, Indian gold and silver futures jumped after New Delhi raised import tariffs on the metals to 15% from 6% as part of efforts to curb overseas purchases and ease pressure ⁠on ​the country's foreign exchange reserves.

Spot silver rose 0.2% to $86.68 ​per ounce, after hitting its highest level since March 11 earlier in the session. Platinum slid 1% to $2,106, and ​palladium was steady at $1,490.86.

Reuters