By: Economy Middle east

Gold was largely steady on Wednesday as investors awaited U.S. Federal Reserve Chair Jerome Powell’s comments to assess the economic impact of the U.S.-Iran conflict while peace talks remained stalled.

Spot gold rose 0.11 percent to $4,599.33 per ounce as of 9:30 UAE time, after falling to its lowest level since April 2 in the previous session. U.S. gold futures for June delivery gained 0.05 percent to $4,610.76.

In the UAE, gold rates were stable across all carats, with 24-carat at AED551.75, 22-carat at AED510.75, 21-carat at AED489.75, 18-carat at AED419.75 and 14-carat at AED327.50.

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

Efforts to end the Iran conflict remained deadlocked, with U.S. President Donald Trump unhappy with Tehran’s latest proposal. He said Iran had told the U.S. it was in a state of collapse and was figuring out its leadership situation.

Brent crude stayed above $110 a barrel on reports that the U.S. will extend its blockade of Iranian ports. Higher crude prices add to inflationary pressure and can increase the likelihood of higher interest rates, which weigh on gold because it does not pay a yield.

Investors are also watching other central bank decisions this week, including those from the European Central Bank, the Bank of England and the Bank of Canada.

Among other metals, silver rose 0.45 percent to $73.72 per ounce, platinum fell 0.08 percent to $1,947.40, and palladium declined 0.66 percent to $1,460.25.