Gold prices remained stable on Wednesday as investors awaited key U.S. inflation data that could provide insights into the Federal Reserve's interest rate trajectory amid ongoing trade tensions and concerns over an economic slowdown. Market focus also turned to a potential ceasefire deal in Ukraine.
As of mid afternoon, spot gold was unchanged at $2,916.69 per ounce, while US gold futures edged up 0.1% to $2,922.30.
"Gold is operating in 'consolidation mode' ahead of the next batch of U.S. inflation data," KCM Trade chief market analyst Tim Waterer said.
"I expect gold to remain a favoured asset whilst investors are concerned about tariff wars and growth slowdowns. So, the bias for gold remains to the upside due to ongoing tariff dramas."