Ammon News - Gold prices edged lower on Wednesday ‌as investors assessed ongoing tensions between the U.S. and Iran, and awaited comments from Federal Reserve officials for monetary policy clues.

Spot gold was down 0.1% at $4,502.25 per ounce, as ​of 0412 GMT. U.S. gold futures for June delivery were steady ​at $4,501.10.

"It looks like the overall trend is down, but we're getting ⁠these long periods of consolidation, and I think that's sort of what ​we're looking at here today," said Ilya Spivak, head of global macro at ​Tastylive.

"The market is increasingly focused on whether we are in fact going to get some kind of a breakthrough in this (U.S.-Iran) story."

Iran said on Tuesday the U.S. had violated a ceasefire ​by striking targets near the contested Strait of Hormuz, potentially complicating efforts ​to bring the war to a close.

U.S. Secretary of State Marco Rubio said it could ‌take "a ⁠few days" to negotiate a deal to halt the conflict, after both sides had previously indicated progress on an initial agreement that would end hostilities and restart shipping through the Strait.

Investors are awaiting comments from Fed policymakers, including Vice ​Chair Philip Jefferson and ​Governor Lisa ⁠Cook, to gauge the impact of inflation on future monetary policy stance.

The April U.S. Personal Consumption Expenditures (PCE) data, due on ​Thursday, is also in focus for more clues on ​U.S. monetary ⁠policy.

Inflation risks and bond moves have been so significant that attention has shifted from what gold is paying, Spivak said, adding that bullion could "reach as low as ⁠maybe $3,700 ​to $3,800 by year-end if the trend continues."

Spot silver ​fell 0.3% to $76.71 per ounce, platinum slid 0.8% to $1,942.15, and palladium was down 0.2% at $1,376.92.

Reuters